DISCLOSURE TO SELLERS OF EXPECTED REMUNERATION
Mandatory Form required under section 5-11.1 of the Real Estate Rules.
Each time a trading services licensee presents an offer to their seller client, they must include a completed disclosure form that informs the client about the remuneration the licensee's brokerage will receive.
The form explains to the seller:
- the total commission that the listing brokerage would receive if the offer is accepted
- how the commission would be shared with any cooperating brokerage
- any other payment the licensee will receive, or expects to receive, as a result of the trade
This information helps ensure that sellers are fully informed of the expected remuneration that the brokerage(s) will…
DISCLOSURE OF RISKS ASSOCIATED WITH DUAL AGENCY
Mandatory disclosure required under section 5-17 of the Real Estate Rules, effective June 15, 2018.
The Superintendent has provided a narrow exemption to the rule prohibiting dual agency, for rare situations where:
(1) the trade occurs in remote locations
(2) that are under-served by licensees and
(3) where an alternative to dual agency would be impracticable
All three conditions must be met in order to qualify under this exemption.
"Impracticable" means "not capable of being done." It does not mean "inconvenient."
Before practicing dual agency under this exemption, a licensee must make a disclosure to both parties to the transaction called the Disclosure of Risks Associated…
AGREEMENT REGARDING CONFLICT OF INTEREST BETWEEN CLIENTS
Mandatory Form required under the section 5-18 of the Real Estate Rules, effective June 15, 2018.
When the Superintendent of Real Estate rules takes effect on June 15th, you won't be able to continue representing both clients in these situations because that would amount to dual agency. However, under section 5-18 of the Rules, licensees will now have two options to manage situations where to continue acting for both clients would amount to dual agency:
(1) Refer each client to other real estate licensees to represent their interests in the transaction, or
(2) If both clients agree, continue acting for one client and stop representing the other client in this transaction.…
DisCLOSURE OF REPRESENTATION IN TRADING SERVICES
Mandatory Form required under section 5-10 of the Real Estate Rules, effective June 15, 2018.
Effective June 15, 2018 the licensees must use the "Disclosure of Representation in Trading Services" to disclose the type of representation they can offer a consumer.
This mandatory form clearly explains to consumers the difference between being represented and unrepresented, and which of those options they are being offered by the licensee who is providing them with the form.
Licensees may no loner use the British Columbia Real Estate Association'w Working With A Realtor Brochures to meet their disclosure requirements.
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