As you know, the Rules of Cooperation are established guidelines we share with the Real Estate Board of Greater Vancouver and the Chilliwack & District Real Estate Board to help members in the communities work better together.
Each year, the Boards take a look at the Rules to find ways they could be enhanced, corrected, or expanded to provide greater clarity and relevance to members.
The Rules of Cooperation are critical for any REALTOR® in the Lower Mainland, providing direction in every aspect of our MLS®: listings, offers, sales, professional conduct, commission, advertising, lockboxes and more.
To help you get up to speed on the revisions to the Rules as of March 1, 2020, the following information was shared with all members in an eMemo today.
Important highlights at a glance:
Accuracy of Listing Information:
- Members are not permitted to copy from a previous listing of another member. (NEW)
- Members shall declare within the REALTOR® Remarks the source of measurements referenced in the listing. (NEW)
Listing Documentation:
- Documentation for any listings uploaded via Broker Load (or Agent Load) in the Chilliwack & District Real Estate Board (CADREB) area must be submitted to CADREB within one (1) business day after entry or the listing will be deleted from the MLS® system. The documentation includes but is not limited to the Listing Contract and Data Input form. This is a change from ‘five calendar days.’ Note: FVREB and REBGV do not require documentation to be submitted for Brokerage Loaded listings, however listings selected at random will be required to provide documentation.
Consent to Post Documents to the MLS®:
- Unless otherwise instructed by the seller in writing, a copy of the basic title search and registered strata plan (NEW) must be posted by the member to the MLS® system as an associated document within 24 hours of the listing becoming active on the MLS® system.
- A copy of the seller’s written direction must be provided to the Board upon request. (NEW)
Changes to Listing Information:
- Members are not permitted to delete information from the listing for the sole purpose of making such information not available in the MLS® system for future reference. This includes, but is not limited to, photos, brochures, remarks, measurements, and data. (NEW) This new rule will replace the current FVREB policy put in place to address the practice some members have of removing information from listings just prior to the listing going off the market.
Photographs, Pictures and Sketches:
- A minimum of one photo related to the property must be provided for each listing within 24 hours of the listing becoming active on the MLS® system. This is a change from the previous ‘within five (5) days of the effective date.’ With today’s technology it is not reasonable to wait 5 days for a photo to be uploaded on a new active listing.
Owner-Built and Custom-Built Homes (NEW):
- New requirements in order to list an owner-built or custom-built home on MLS®.
- Where the home is an owner-built home subject to the HPA, the Listing Brokerage has obtained a copy of the Owner Builder Disclosure Notice (OBDN); or (NEW)
- Where the home is a custom-built home subject to the HPA and the warranty has not been activated, the Listing Brokerage has obtained a copy of the residential builder’s licence obtained by the owner under the HPA; or (NEW)
- The Listing Brokerage has obtained written approval under the HPA that the property can legally be listed for sale. (NEW). This relates to written approval for hardship cases.
Reporting Sales:
- In recent years only FVREB required a copy of the Contract of Purchase & Sale and Addendums/Amendments to be submitted when reporting a sale. CADREB and REBGV will now return to the practice of requiring the same.
Strata Properties:
- A copy of the Request for Strata Corporation Records and Documents shall be retained on file in the office of the Listing Brokerage. The Listing Brokerage shall produce any such documentation upon request by the Board. (NEW) This rule has been added to address a challenge that has existed for years, a Buyer’s Agent brings an offer only to learn that, despite the property being on the market for an extended time, the strata documents have not yet been ordered.
- New requirement to post a copy of the registered strata plan to the MLS® system as an associated document, as previously noted in the Consent to Post Documents to the MLS® section above.
Privacy-Protected Listings:
Requirement to submit the Privacy Notice and Consent form to the Board, if the seller opts out of clause 2c. Once the form has been received board staff set the Privacy flag within the listing on Paragon.
Restrictions on Handling Payments in Real Estate Transactions (NEW):
- New rule prohibiting cash deposits, excludes deposits paid in respect of rental or leasing of real estate. This rule will replace the current FVREB policy. Note: The change in language from ‘client’ to ‘any party’ to include a consumer who is not a client (i.e. unrepresented parties) and from ‘Brokerage, REALTOR®’ to ‘Member’ is for consistency with the rest of the Rules of Cooperation.
- New rule to prohibit members from accepting Cryptocurrency as a form of payment in any real estate transaction.
Requirements for Providing a Registrant with Access to an MLS® VOW:
- Removal of the requirement to provide a telephone number as part of the VOW registration information.
Visibility of a Brokerage Name:
- Update to this rule to clarify that the requirement to display the brokerage’s name applies to every page of the VOW.
More information:
- Revised Rules of Cooperation (as of March 1, 2020)
- Side-by-side summary comparing the different versions
- This information is posted on REALTOR Link® on the Rules, Standards and Resources page.
Remember: In many areas of the Rules where it references the Listing Brokerage being required to perform tasks/duties or take action, it is in actual fact the Designated Agent who performs those tasks on behalf of the brokerage.
Questions:
If you have any questions, contact Paul Cowhig, Advisor, Professional Standards, at 604-930-7606.