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Today the Office of the Superintendent of Real Estate (OSRE) and the Real Estate Council of BC (RECBC) launched a consultation on enhancing the regulation of real estate teams. Teams are groups of licensed real estate professionals who work together to provide real estate services to clients. With over 1000 real estate teams in B.C., they are an increasingly popular way for real estate professionals to market and provide their services, and stronger regulation will help ensure that consumers using teams are well-protected.
“Our top priority is consumer protection. We want to hear from members of the public and real estate professionals about potential regulatory improvements that are intended to provide greater clarity about the duties team members owe to their clients,” said Micheal Noseworthy, Superintendent of Real Estate.
When real estate professionals work as a team to provide services to clients, consumers may be unaware of the duties that all team members owe to them. The discussion paper released today proposes measures that will help ensure greater consistency in the operation and conduct of real estate teams, reduce the potential for conflicts of interest, and protect clients’ confidential information.
The need to enhance the regulation of real estate teams was first identified in 2018, as part of an earlier consultation on the role of managing brokers. That project has completed and a final project summary report is available.
Members of the public and real estate professionals are invited to help shape the future of real estate teams in B.C. by sharing their feedback on the proposals for regulatory changes outlined in the Teams Discussion Paper released today. The discussion paper and a brief online survey are available at Real Estate Consultations. The consultation will close on Friday, April 2, 2021.
OSRE is a regulatory agency of the B.C. government that carries out the regulatory, oversight and enforcement duties of the Superintendent of Real Estate. It receives its authority from the Real Estate Services Act, the Real Estate Development Marketing Act and the Strata Property Act.
RECBC is a regulatory agency established by the provincial government. Its mandate is to protect the public by enforcing the licensing and conduct requirements of the Real Estate Services Act for individuals and brokerages engaged in real estate sales, rental property and strata management.