The Office of the Superintendent of Real Estate (OSRE) reports that there are over one thousand real estate teams in BC. To offer consumers greater protection when working with teams, the OSRE and the Real Estate Council of BC (RECBC) are exploring potential regulatory changes to enhance public understanding of real estate team member responsibilities.
As part of the effort to collect public and real estate licensee input, the OSRE/RECBC recently published a discussion paper on the regulation of teams. In the introductory section of the paper, they cite a 2018 licensee survey that identified the following concerns about teams:
- Some large teams may operate as de facto brokerages, which can create confusion among licensees and consumers.
- Licensees at all levels indicated that they want more guidance on the regulation of teams.
- Many managing brokers want better processes for establishing and regulating teams.
To address the concerns, the co-regulators are seeking feedback on (1) defining “teams” in the Rules, (2) requiring registration for all teams, (3) reserving the term “team” only for use by teams, and (4) enhancing managing broker and brokerage control of teams.
Specifically, the OSRE/RECBC propose that:
- Teams must have at least two licensed members.
- All team members must be related to the same brokerage.
- Team members can only provide real estate services through their team.
- Teams represent themselves to the public as a single entity (not limited to advertising).
- Licensees can only be a member of one team at a time.
- Team members are collectively the designated agent of all clients of the team.
Recognizing that improving the regulation of teams can enhance professionalism and consumer protection, we encourage all Fraser Valley members to participate in this consultation.
How to provide your input:
- Review the OSRE/RECBC’s discussion paper.
- Complete an anonymous survey on the proposals for team regulation. The survey closes on Friday, April 2 at 6 pm.
Source: FVREB Professional Standards & Communications