On June 15 the Real Estate Council of British Columbia will implement a series of new rules under the Real Estate Services Act which will in turn significantly impact forms you use every day in your business.
The Board has been working with Council and BCREA to gather all available information so that you can be as prepared as possible prior to implementation next Friday, June 15.
- What you need to do right away
- Practice Tips
- Education
- Further resources
- Contact
1. What you need to do right away (via BCREA)
Discard outdated standard forms
As a REALTOR®, it’s important that you are ready to work with the revised forms from day one. That means making sure you discard any print or electronic copies of previous versions. Once the Rule changes come into effect, outdated versions of the standard forms will no longer be available on WEBForms®.
Another key change is that the Working with a REALTOR® brochure will no longer be available. Consequently, all references to the brochure in standard forms have been replaced with either references to new disclosure forms created by the Council or to the new BCREA Privacy Notice and Consent form.
Review the updated standard forms
In total, 23 standard forms have been updated. Significant changes, largely reflecting the ban on limited dual agency, have been made to these four standard forms in particular:
- Contract of Purchase and Sale
- Multiple Listing Agreement
- Buyer’s Agency Acknowledgement
- Buyer’s Agency Exclusive Contract
BCREA has also prepared a summary document that outlines all the changes to the 23 BCREA standard forms that have been revised.
2. Practice Tips
The Board’s Professional Standards department has been working with Council to answer questions that have been brought to them by members. We will update this section as more information comes in.
Expiring Listings
If you have a listing signed prior to the implementation of the new rules, which is set to expire after the implementation of the new rules, you will not be able to extend that listing contract. It will have to be re-listed using the new version of the listing contract under the new rules.
Limited Dual Agency
While contracts written prior to the implementation of the new rules will still be in effect past the deadline, Limited Dual Agency will no longer apply after June 15.
3. Education
Rule Changes: Agency & Disclosure has been developed by the UBC Sauder School of Business in collaboration with the Council. The course gives licensees the information they need to understand and comply with the rule changes effective from June 15, 2018. All trading services licensees and rental property management services licensees must complete this course and are encouraged to take it as soon as possible.
Registration links are being sent out in priority order, based on licence expiry date. Effective October 1, 2018, you will be required to provide proof of completing the course with your license renewal application. Please note, this is a Council required course and is not PDP accredited.
Learn more about Rule Changes: Agency & Disclosure by clicking here.
4. Further Resources
The Real Estate Council of BC, the regulatory body responsible for implementing the rules changes, has launched an online information and resource knowledge base to help REALTORS®, licensees and managing brokers comply with the upcoming rules changes.
Council’s Managing Broker Toolkit provides in-depth information and resources specifically tailored for brokers, including FAQs, videos, and articles.
5. Contact
Council has asked that it be the main source for providing clarification, assistance, and support relating to the new rules and forms. If you would like to contact them, you can do so by using the information below. The Board will continue to work closely with Council and BCREA to ensure that you’re fully equipped for this transition and have the help you need available to you.
Email: advisor@recbc.ca
Telephone: 604.683.9664 | Toll-free: 1.877.683.9664