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RESA 21-003 - Required Forms Part 5 and 8
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REGULATORY STATEMENT NUMBER: RESA 23-003
TITLE: Mandatory Forms under Parts 5 and 8 of the Real Estate Services Rules
LEGISLATION: Real Estate Services Act (“RESA”)
Disclosure of Interest in Trade
Disclosure of Representation in Trading Services
Disclosure for Residential Tenancies
Disclosure of Risks to Unrepresented Parties
Disclosure to Sellers of Expected Remuneration
Disclosure of Buyer’s Right of Rescission
Disclosure of Risks Associated with Dual Agency
Agreement Regarding Conflict of Interest Between Clients
Trade Record Sheet
Record of Referral Fees
DATE: January 19, 2023
DISTRIBUTION: All licensees under RESA
This Regulatory Statement provides the required form for disclosures made under Part 5 (Relationships with Principals and Parties) and records kept under Part 8 (Brokerage Records) of the Real Estate Services Rules (the “Rules”). It repeals and replaces Regulatory Statement 21-003, effective January 19, 2023.
Parts 5 and 8 of the Rules provide that specific disclosures and records must be made or kept in a form required by the Superintendent of Real Estate (the “Superintendent”). The Superintendent may update these requirements from time to time.
Section 93 of the Rules requires a brokerage that is winding up its business to submit a report in the form required by the Superintendent. Information about the requirements related to brokerage winding-up is provided in the Regulatory Statement, “Brokerage Reporting Requirements (RESA 21-004)”.
The table below provides the title and the date of the approved versions of disclosures and records under Parts 5 and 8 of the Rules.
|Form and Link||Approved Version Date||Applicable Section of the Real Estate Services Rules|
|Disclosure of Interest in Trade||November 2016||Section 53 (4)|
|Disclosure of Representation in Trading Services||September 2019||Section 54 (2)|
|Disclosure for Residential Tenancies||September 2019||Section 54 (2)|
|Disclosure of Risks to Unrepresented Parties||September 2019||Section 55|
|Disclosure to Sellers of Expected Remuneration (Payment)||September 2019||Section 57 (2)|
|Disclosure of Buyer’s Right of Rescission*||January 2023||Section 57.1|
|Disclosure of Risks Associated with Dual Agency||February 2020||Section 64 (2)|
|Agreement Regarding Conflict of Interest Between Clients||February 2020||Section 65 (3)|
|Trade Record Sheet||November 2016||Section 84 (2)|
|Record of Referral Fees||November 2016||Section 86 (3)|
* Disclosure of the Buyer’s Right of Rescission made in a standard form contract of purchase and sale dated on or after January 3, 2023, as provided by the British Columbia Real Estate Association, is also considered an approved disclosure for the purpose of Section 57.1 of the Rules.
Licensees should ensure that they download the current version of any required forms, as identified above, and posted on BCFSA’s website, to remain compliant with regulatory requirements.
For inquiries related to the usage of these forms, please contact a Practice Standards Advisor by phone at 1-877-683-9664 or by email at [email protected].