Please be advised that the Rules of Cooperation have been revised and will take effect on Thursday, August 1, 2024, for the Fraser Valley Real Estate Board, Chilliwack & District Real Estate Board, and the Greater Vancouver REALTORS®.
Please follow the links to view:
Section 2 — Compliance:
- NEW paragraph 2 — Members are responsible for the actions of their unlicensed assistants, administrators and employees, and Members will be held accountable for all conduct and actions undertaken by these individuals on behalf of the Member.
3.12 — Consent to Post Documents to the MLS® System:
- NEW line in current (b) — for strata properties, a copy of the registered strata plan must be posted by the Listing Brokerage to the MLS® System as an associated document within 24 hours of the listing becoming active on the MLS® System. — see also 6.04 [Strata Properties]; and
- NEW paragraph (c) — for Manufactured Homes/Modular Homes/Park Model Homes, a photograph of the CSA or BC Electrical Inspection label must be posted by the Listing Brokerage to the MLS® System as an associated document within 24 hours of the listing becoming active on the MLS® System. — see also 3.32 [Manufactured Homes/Modular Homes/Park Model Homes]
- NEW reference in current final paragraph to new paragraph (c) — Where written instructions have been received from the seller not to post the required document(s) under (a) or (b) or (c) above, a copy of the seller’s written direction must be posted by the Listing Brokerage to the MLS® System as an associated document within 24 hours of the listing becoming active on the MLS® System.
3.32 — Manufactured Homes/Modular Homes/Park Model Homes
- NEW paragraph (d) — In all cases, a photograph of the CSA or BC Electrical Inspection label must be posted by the Listing Brokerage to the MLS® System as an associated document within 24 hours of the listing becoming active on the MLS® System. — see also 3.12 [Consent to Post Documents to the MLS® System]
This change is being implemented to ensure that at the time of listing the property there is a CSA or BC Electrical inspection label on the home. This will assist Brokerages with mitigating risk and provide Buyer’s Agents with timely information for their clients.
4.02 Presentation of Offers:
- NEW – current (b) updated to — A copy of the seller’s signed Irrevocable Direction Regarding Presentation of Offers form must be posted by the Listing Brokerage to the MLS® System as an associated document within 24 hours of the listing becoming active on the MLS® System or, if not a new listing, within 24 hours of the seller completing and signing the form.
- NEW paragraph (c) – Any irrevocable direction by a seller to delay presentation of offers and/or to restrict the attendance of a Cooperating Brokerage at presentation must be noted in the REALTOR® Remarks.
- Subsequent existing paragraphs renumbered (d) through (g).
Currently some members are confused about under what circumstances they must post the Irrevocable Direction Regarding Presentation of Offer form (IDRPO) and what must be disclosed. These changes will provide clarity to members that ALL signed IDRPO forms must be posted and the specific seller’s direction(s) on the form must be disclosed in the Realtor remarks. i.e. “No Buyer’s Agents to be present during offer presentation.” And/or “Offers will not be reviewed until July 8, 2024, at 4:00 p.m.”
5.01 Reporting Sales:
- NEW paragraph (f) — The Listing Brokerage must notify the MLS® Department immediately of any amendment to or extension of the completion date.
- Existing paragraph (f) renumbered to be (g).
It has recently become apparent that many Listing Brokerages are unaware they are required to notify the Board of any amendments to a completion date. The MLS® system must contain complete and accurate information. Sales fee invoices become due and payable upon the completion date. Once the new Sold statuses are released, a “Pending” status sale (firm, but not completed) will automatically transition to “Closed” the day after the completion date, having the correct completion date is key to that process.
6.04 Strata Properties:
- NEW — current paragraph (a) updated to — Unless otherwise instructed by the seller in writing, for each strata MLS® listing, the Listing Brokerage shall at the time of taking the listing obtain current relevant strata corporation documents including but not limited to two (2) years of strata council minutes and strata corporation minutes, registered strata corporation by-laws, financial statements, registered strata plans, information concerning special assessments, either proposed or levied, and a current Information Certificate (Form “B”).
- NEW — current (b) updated to remove the reference to Form “B” as it is now included in paragraph (a) — Unless otherwise instructed by the seller in writing, the Listing Brokerage shall, upon request by a Cooperating Brokerage after the seller and buyer have an accepted Contract of Purchase and Sale, provide to the Cooperating Brokerage current relevant strata corporation documents including but not limited to those documents referred to in (a) above.
Obtaining a current Form “B” at the time of taking the listing will ensure that the key information is available and provide Buyers with important details they need to make an informed decision.
6.08 Professional Conduct
- NEW — update to current paragraph (as) — A Member shall not conduct themself nor permit their employees to conduct themselves in such a manner as to prejudice their own reputation, the reputation of the Board, or the reputation of the real estate profession.
- NEW paragraph (c) — A Member shall communicate with other Members in a timely and effective manner.
Paragraph (c) speaks to an ongoing challenge around poor communication, or a lack of communication. This is the number one topic of member calls to the Professional Standards department. Touchbase, text messaging and all the other various forms of available communication make it quick and easy to fulfill your duty to respond to another member’s inquiry.
7.08 Modification of Listing Brokerage’s Offer of Compensation:
A Cooperating Brokerage, when negotiating on behalf of a buyer, may only use the terms of an offer to purchase to modify the Listing Brokerage’s offer of compensation to Cooperating Brokerages if:
(a) the buyer has authorized the Cooperating Brokerage to do so in a separate written document; and
(b) there has been prior consultation regarding compensation between the Cooperating Brokerage and the Listing Brokerage.
- NEW final paragraph added — A copy of the separate written document obtained under subsection (a) shall be provided to the Listing Brokerage upon request.
8.10 Other Advertising Requirements:
- NEW paragraph 3 added — Residential Land Assemblies: Notwithstanding the above, listings that are part of a Residential Land Assembly are exempt from the CREA REALTOR® Cooperation Policy. A Residential Land Assembly is defined as the combining of two or more adjacent residential properties to form a single site that current government policy may allow, under current zoning or potential rezoning, to be used for development of a commercial property or a residential use with four (4) or more units.
Since the CREA REALTOR® Cooperation Policy was implemented on January 3, 2024, there have been member questions to CREA for clarity around Land Assemblies, with those members directed back to the boards and their local board Rules. Subsequently Brokers have asked for clarity and for the Board to codify a local interpretation that advertising of land assemblies is excluded from the policy.
Section 10 – Lockbox System:
Housekeeping changes have been made throughout 10.01 Terms of Use, related to the use of the mobile application which has replaced access cards, and security. Specific notice should be taken of updates to:
- (d) in the event that a Registered Member suspects that their mobile application has been improperly accessed, the Registered Member must immediately notify the Board;
- (e) PIN codes and passwords are to be kept confidential. In the event that a Registered Member suspects that their PIN code or password has been compromised or improperly accessed, the Registered Member must immediately notify the Board;
Accessing more information:
- The Rules of Cooperation information is also available on FVREB Connect on the Rules, Standards, By-laws & Resources page.
- CREA REALTOR® Cooperation Policy Complete Policy and FAQs
Remember: in many areas of the Rules of Cooperation where it references the Listing Brokerage being required to perform tasks/duties or act, it is in fact the Designated Agent who performs those tasks on behalf of the brokerage.
Questions
If you have any questions, please first speak to your Managing Broker. For any further questions, contact Barbara Lohmann Director, Professional Standards at 604-930-7605.