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On the second page of the form, licensees must indicate the name of their team, 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.
We’ve incorporated a chart onto the second page of this form, so that it can be used for up to three counter-offers. Consumers are asked to initial to indicate that they have received the information for each counter-offer. Use additional pages of the form as needed.
Although the Rules only stipulate that the disclosure be used for each counter-offer from a buyer, it is a good practice for licensees to also use the form to indicate amounts from a seller’s counter-offer.
When you are acting for a seller, you must complete the Disclosure of Expected Remuneration form for each “offer to acquire real estate” from a buyer that you present to the seller. This includes any counteroffers made by the buyer. Use the columns in the chart provided on the second page of the form to record the expected remuneration from each counter-offer. You can use the column headed “Counter-offer” to record the expected remuneration from the accepted offer.
Provide the disclosure of remuneration form after all offers have been presented. The client must see disclosures for all the offers before any offer is accepted. If any of the buyers make a counter-offer, use the columns in the chart provided on the second page of the form to record the expected remuneration from each counter-offer. You can use the column headed “Counter-offer” to record the expected remuneration from the accepted offer.
The Rules requires you to provide the seller with a Disclosure to Seller of Expected Remuneration form. Once you have satisfied that obligation, the question of whether you, with the authority of your brokerage, choose to renegotiate the commission payable to your brokerage, is a contractual matter that does not fall under the jurisdiction of BCFSA.
No. Real estate professionals acting for rental property owners are not required to make the disclosure of expected remuneration. However, all the other disclosures required under the agency and disclosure rules apply to real estate professionals acting for owners and tenants.
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 fulfil this obligation – they may choose for instance to take a picture of the completed form with their phone, or to use the BCFSA app.