You can hear the groans already…not more new Rules!
No worries. It’s only a much-needed update to the Rules of Cooperation shared between the Fraser Valley, Vancouver and Chilliwack boards that comes into effect on November 1st.
Some of the updates capture technical corrections, while other sections have been expanded so that they are more clearly stated, thus ensuring improved compliance and professionalism. This has been a collective team effort, with contributions from members and staff at all three boards.
An in-person information session at the Board office will be available that will walk you through the key updates–scroll down for those details. You can also download a copy of the revised Rules of Cooperation (ROC) from REALTOR Link®. The following are a few selected highlights of the revised Rules that represent the key changes.
Presentation of Offers
- Any direction by a seller to delay the presentation of offers must be noted on the newly revised Direction Regarding Presentation of Offers (DRPO) form, as well as in the REALTOR® Remarks. The form must be also be loaded on the Paragon Associated Documents.
- The listing brokerage must maintain a record of all cooperating brokerages that have requested, in writing, to be kept informed about offers or possible changes to the published date and time of the offer presentation.
- If a written offer comes in during a “no offers until…” period and the seller wants it to be presented prior to the published presentation date and time, the designated agent must post a revised DRPO form to Paragon and update the REALTOR® Remarks. They must also notify all cooperating brokerages that have requested, in writing, to be kept informed if an offer will be presented earlier, and give those brokerages an equal, and where practical, simultaneous opportunity to present an offer.
- Listing brokerages are required to retain copies of all offers presented.
Consent to Post Documents to the MLS® – NEW*
- This requires members to obtain all the necessary consents from clients prior to posting any documents on Paragon.
- Unless otherwise instructed by the seller in writing, a copy of the basic title search must be loaded to the Paragon Associated Documents by the member within 24 hours of the listing being active on Paragon.
Member Access to Listed Properties
- The “No Showings” period for new listings is now a maximum of 5 calendar days from the effective date of the listing. For an existing listing, showings may be held off for a defined period to a maximum of 5 calendar days.
- If an offer is received during a “No Showings” period, the listing brokerage must inform all Cooperating brokerages that have requested a viewing appointment, or who have requested in writing, to be kept informed about offers, that an offer is scheduled for presentation.
Photographs, Pictures and Sketches
- For Sale or Sold signs are no longer permitted in photos.
- No additional text can be added to listing photos.
- A minimum of one photo related to the property must be provided within 5 days of the effective date.
Appointments
- Cooperating brokerages must ensure that the buyer(s) is accompanied and supervised by a licensee throughout the appointment.
If you want more information about the revised Rules of Cooperation, register for a free two-hour Walkthrough of the updated Rules of Cooperation session on Tuesday, October 16 from 9 am to 11 am with FVREB’s Professional Standards Manager Dennis Wilson. Dennis will outline what you need to know, explain how the Rules help members understand their obligations, and answer any of your questions. There is no cost for the session, but registration is required to attend. Registration is available through the TLC Calendar.
You can also contact Paul Cowhig, Professional Standards Advisor if you have concerns or questions about the ROC revisions at 604-930-7606.