Printed . This content is updated regularly, please refer back to https://bcfsa.ca to ensure that you are relying on the most up-to-date resources.
Disclosure of Risks Associated with Dual Agency Form FAQs
Select the section you’d like to navigate to.
Licensees must indicate the name of their team on the form, if any, as well as the names of all team members. This field was added in recognition of the fact that all team members share the same obligations to a client and should be disclosed. In cases where there isn’t room for all the team member’s names, licensees could choose to use the notes field, or to attach a separate page. Licensees will need to keep up to date with changes to team members, so that when new members join a team or members leave, the information they are disclosing here is accurate.
You should list all licensed team members in the appropriate form.
No they do not need to sign the same form, however you must ensure that you are able to show that the form was provided to both clients. Separate forms for each client may be appropriate depending on your situation.
The Disclosure of Risks Associated with Dual Agency is just a disclosure and not a contract. You need to enter into a Dual Agency agreement with your clients and brokerage.
These requirements provide an opportunity for the managing broker to confirm their agreement of your assessment of the circumstances. It also helps to ensure that the managing broker is informed of the trading services that the brokerage’s licensees are providing on its behalf.
You cannot proceed in dual agency in this situation. While you may wish to re-assess whether the location is remote and under-served and discuss the matter further with your managing broker, your managing broker’s signature and brokerage statement are mandatory in order to provide dual agency.
The primary purpose of the requirement to submit this disclosure is to support tracking the use of the exemption and to assist in developing policy and professional guidance for licensees.
All of the forms encourage licensees to give the completed form to the consumer, so that they retain the information. Licensees still have an obligation to send a copy of the completed form to their brokerage, and it is up to them how they fulfill this obligation – they may choose for instance to take a picture of the completed form with their phone.