In accordance with section 6.1 of the Real Estate Services Regulation, the Real Estate Council of British Columbia hereby gives notice of proposed changes to the Council Rules. These proposed changes relate to the introduction of designated agency. For licensees who are members of real estate boards, designated agency has been facilitated through changes made to 'standard forms' by the British Columbia Real Estate Association and its member boards and associations. These forms were made available to board members for use province wide commencing June 1, 2012.
The proposed changes reflect requirements to be met when brokerages and licensees agree with their clients and customers to provide trading services within the parameters of designated agency. These changes introduce under section 1-1 newly defined terms (designated agency, designated agent, and sole agent), establish under section 3-3 requirements related to the delegation of duties to designated agents, and create under section 5-8 the requirement for written disclosure of the nature of the representation that a licensee will provide to parties.
Licensees who are properly using the new 'designated agency standard forms' created by the British Columbia Real Estate Association are already in compliance with these proposed new requirements. Licensees who are not members of a real estate board or association, and who wish to practice designated agency, will need to develop their own documentation to ensure compliance with these requirements.
Please take the time to review the proposed changes. The consultation period will end on October 9, 2012, following which the Council intends to make the amended rules at its meeting on October 30, 2012 to take effect January 1, 2013. Comments may be submitted by email to , by fax to 604-683-9017, or by mail to the Real Estate Council of BC, 900 - 750 West Pender Street, Vancouver, BC V6C 2T8.