When it comes to selling presale properties, staying on the right side of the law is essential. REALTORS® must ensure they are only marketing and selling units that are legitimately available and avoid placing clients in situations where a transaction could be challenged or fail. When something feels unclear or unusual, it’s important to pause and seek guidance. Sound judgment, clear disclosure, and strict adherence to the rules are critical to protecting both your client and your licence.
A recent decision by the BC Financial Services Authority (BCFSA) highlights what can happen when those standards are not met.
In this case, two licensees, including one Fraser Valley member, became involved in the resale of several condominium units in Langley that had already been sold to other buyers. Despite the significant risks, they recommended that second purchasers proceed with the transactions.
BCFSA found that the licensees failed in their professional duties and did not meet the standards expected of REALTORS®. As a result, both agents received licence suspensions.
This case serves as a reminder that your role carries both responsibility and trust. While the vast majority of REALTORS® consistently act with professionalism and integrity, overlooking risks or cutting corners can lead to serious consequences.
If you are ever unsure how to proceed, speak with your Managing Broker or contact the Professional Standards team. We are here to help you protect your clients, your reputation, and your licence.
Read the BCFSA decision here.
Professional Standards