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Real estate teams (“teams”) are a popular option for B.C. consumers who are buying, selling, or leasing real estate. Teams offer consumers the expertise of a group of real estate licensees working together to provide real estate services to clients. BC Financial Services Authority (“BCFSA”) is seeking to improve consumer protection by clarifying the role and duties of teams and team members through proposed amendments to the Real Estate Services Rules (“Rules”).
From February 24 to April 24, 2022, BCFSA conducted a 60-day public consultation on proposed amendments to the Rules respecting teams and trust accounting. To ensure we have heard comprehensive and diverse feedback on the issues, BCFSA invited comment from B.C. consumers and licensees. BCFSA would like to thank everyone who provided feedback during the consultation. A summary document of the feedback received will be posted following review and analysis.
BCFSA is proposing Rules amendments to align its trust account reporting requirements for real estate brokerages with federal requirements. The amendments would eliminate unnecessary duplication and streamline information reporting requirements for brokerages, without decreasing the level of protection for real estate consumers.