Members are advised to keep their ‘Team’ names up to date with both the BC Financial Services Authority (BCFSA) and with the Fraser Valley Real Estate Board (FVREB).
Up to date Team names will ensure members stay in compliance with the Canadian Real Estate Association (CREA) and will help ensure your Medallion status with the Board is up to date.
Members can verify the accuracy of their Team name on FVREB Connect; incorrect Team names must be updated through the FVREB Membership and Education Department via email.
The BCFSA also requires Teams to be registered, for that registration to be up to date with the current name, and that team members are promptly added or removed, as necessary.
Requirements for Teams to register with BCFSA can be found here.
BCFSA Advertising rules also require you to register as a Team if your public advertisements (print and digital advertising, signage) or paperwork (contracts, disclosures, forms) state you are a single entity (operating as a Team).
Clarifying your Agency Relationship with your client while working on a Team is also important for agents to remember. A Team representing a seller may be working with someone from the same brokerage who is representing the buyer in the same transaction. Agents are advised to clarify the agency relationship with their client on either the Schedule A of an MLS® Listing Contract or through a Disclosure of Representation in Trading Services.
A reminder that agency relationship can be conveyed through implied agency, whether actual or perceived. Members are advised to convey in writing the specifics of an agency relationship.
Source: FVREB Membership and Education