VANCOUVER, June 14, 2018 /CNW/ - New rules approved by the Superintendent of Real Estate (OSRE) to enhance consumer protection in the real estate industry come into effect June 15, 2018. The rules will be enforced by the Real Estate Council of BC and they will ensure that consumers have better information to make informed decisions, and that real estate professionals act with undivided loyalty to serve their clients' best interests.
Among other things, these rules will:
"These changes have been designed to reinforce a real estate agent's duties and obligations to their clients and to ensure that agents are always acting in their client's best interests," said Micheal Noseworthy, British Columbia's Superintendent of Real Estate. "Consumers need these protections as purchasing a home is likely to be the single largest financial commitment a consumer will ever make in their lifetime. We want to make sure that the advice consumers receive is solely for their benefit and that consumers have confidence that their agent is undoubtedly on their side."
"The rules will help foster a more professional and ethical real estate industry in BC, with better protection for consumers. Every home buyer and seller deserves certainty that the real estate agent representing them is focused on achieving their goals," said Robert Holmes, Chair of the Real Estate Council of BC. "With these new rules, BC consumers can be confident they are receiving clear information to help them make informed decisions, and getting the representation they need to safely navigate real estate transactions."
This significant package of reforms builds on the recommendations made in the final report of the Independent Advisory Group on Real Estate Regulation in British Columbia (IAG) in June 2016. The rules, made by the Superintendent of Real Estate, are the product of extensive consultation with industry, and feedback received from real estate professionals and the public. OSRE continues to work on implementing other recommendations made by the IAG and is committed to engaging real estate professionals and the public on these important reforms.
The Real Estate Council of British Columbia, as the regulator of licensed real estate professionals, is responsible for educating real estate professionals about the requirements and enforcing compliance under the new rules.
Backgrounder
Overview of Changes to Real Estate Rules
The changes to the rules coming into effect June 15 will impact the way real estate professionals provide services to consumers.
Increased Consumer Protection
The changes to the rules will enhance consumer protection by:
New Mandatory Disclosures for Consumers
There are five new mandatory forms that, depending on the situation, real estate professionals are required to use when working with consumers.
Preparing Real Estate Professionals
Since the Rules were first announced in November 2017, the Real Estate Council has developed a diverse array of resources and educational materials to prepare real estate professionals for the changes, including:
A mandatory continuing education course focused on the changes to the Rules was introduced in May. The course, developed in collaboration with UBC's Sauder School of Business, must be completed before real estate professionals can renew their licences.
About the Office of the Superintendent of Real Estate
The Office of the Superintendent of Real Estate (OSRE) is a regulatory agency of the BC government that protects consumers who are buying, selling or renting a home. OSRE provides oversight to the real estate industry and takes enforcement action against unlicensed real estate services and by appealing decisions made by the Real Estate Council. OSRE exercises statutory jurisdiction and takes enforcement action against misconduct under the Real Estate Services Act, the Real Estate Development Marketing Act and the Strata Property Act.
About the Real Estate Council of BC
The Real Estate Council of British Columbia protects real estate consumers by regulating the conduct of real estate professionals under the Real Estate Services Act. The Council sets the standards for the required education and training of real estate professionals, issues licences, and investigates complaints from members of the public. When a licensed real estate professional contravenes the Act, the Council may issue a fine, suspension, reprimand or licence cancellation, as appropriate.
SOURCE Real Estate Council of BC
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