Consumer Resources For Licensees

Why Are Consumer Resources Important for Licensees?

As part of the fiduciary obligation to act in the best interest of a client, and protect that client, licensees are often required to explain complex real estate concepts that can be confusing to those unfamiliar with how a real estate transaction transpires.

Such topics may include:

• A home buyer’s rescission rights;
• FINTRAC identity verification requirements;
• Obligations of real estate teams; and

• Confidentiality rules that may restrict the actions of both licensees and consumers.

In some instances, licensees may also face resistance from clients who are unfamiliar with their obligations in a real estate transaction, resulting in frustration and pushback from the client. For example, licensees attempting to verify their client’s identity per their PCMLTFA (anti-money laundering) obligations may encounter a client who does not understand, nor wish to provide the personal information required by FINTRAC.

To assist in fulfilling their role, licensees are encouraged to use the many consumer resources available on BCFSA’s website. By using these resources, licensees will be able to explain in plain language why the various obligations and rules exist and verify that all licensees are bound by the same requirements.

How Else Can Licensees Use Consumer Resources?

Beyond using consumer resources as an educational tool in the moment, licensees may suggest that their clients visit the BCFSA website at the outset of their agency relationship to review the various bulletins and guides available. The information provided will help prepare the client for the transaction ahead and may pre-empt and limit the number of questions and concerns a client may have during a transaction. These resources may include:

• Buyer and seller guides which walk consumers through a real estate transaction and outline the various steps that will be taken during the real estate transaction;
• Consumer guides which provide detailed information on specific topics of interest, such as:
  • AML disclosure obligations;
  • Agency disclosure obligations;
  • Disclosure obligations; and
  • Radon disclosure obligations.
• FAQs which provide short, clear answers to common questions consumers pose;
• Consumer alerts which provide important tips consumers can use to protect themselves; and
• Consumer tenancy information which provides additional information for landlords and tenants.

Ultimately, using the consumer resources is a great way to help clients and unrepresented parties fully comprehend the various stages of a real estate transaction, and can help address challenges and concerns that they may have. It is also a prudent way for licensees to ensure that the information and explanations being provided to their clients is current and accurate and will help eliminate any consumer confusion.