Real Estate Council of BC – Rule Change

Effective June 15, 2018, The Real Estate Council of BC has made changes to the disclosure requirements of its Real Estate Licensees. These new disclosure requirements are meant to help ensure that all consumers have the information they need to make informed decisions in a real estate transaction. I value you and your interest, and want to ensure that you have every opportunity to make an informed decision on your agency rights and options.

All Real Estate Licensees must make disclosures about the intent of providing services to a consumer earlier than had previously been the norm in the Industry. The Disclosure of Representation in Trading Services and the Disclosure of Risks to Unrepresented Parties detail the changes to the practices that licensees follow with clients.

These forms will:

1. Clearly explain to consumers the difference between being represented and unrepresented, and;
2. Which of those options they are being offered by the licensee who is providing them with the form.

DISCLOSURE OF REPRESENTATION IN TRADING SERVICES

As the British Columbia Real Estate Association’s Working With A Realtor® brochure will no longer be used, all Real Estate Licensees must use this new ‘Disclosure of Representation In Trading Services’ form to explain and disclose the type of agency relationship and representation that they are able to offer each consumer. This form identifies whether the consumer will be represented or unrepresented by the Licensee in the real estate transaction, and outlines the requirements and limitations of each type of relationship.

DISCLOSURE OF RISKS TO UNREPRESENTED PARTIES

Consumers who choose to continue their relationship with a Licensee as unrepresented will be moving forward as an Unrepresented Party. Licensees are now required to provide Unrepresented Parties with the Disclosure of Risks to Unrepresented Parties form, which ultimately confirms and discloses that the Licensee will not be representing the consumer in the transaction as the Licensee is already acting as an agent of another client in the transaction.

Consumers are always free to choose whether they wish to be represented by a Real Estate Licensee in any real estate transaction and these new disclosure forms have been created to ensure that consumers understand more clearly what services and representation will be provided to them as a result of this choice.

To ensure that you are well informed requires us to do more than just ensure the right forms are signed. We will also make sure we engage in clear and open communication with you so that you can make the best, fully-informed decisions about your real estate transactions.

Should you have any questions about the new disclosure forms, please reach out to me, or please visit the Real Estate Council of BC’s website below: