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REGULATORY STATEMENT NUMBER: RESA 21-003
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 Risks Associated with Dual Agency
Agreement Regarding Conflict of Interest Between Clients
Trade Record Sheet
Record of Referral Fees
DATE: August 1, 2021
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”).
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 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)|
Licensees should ensure that they download the current version of any required forms, as identified above and posted on BCFSA’s website, in order to remain compliant with regulatory requirements.
For inquires 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].
As the BC Financial Services Authority, we issue Regulatory Statements outlining how entities must operate, or the form and content required by the Regulator for mandatory regulatory filings identified in the Real Estate Services Act, Real Estate Services Regulation, Real Estate Services Rules and other pertinent legislation. While the comments in a particular part of a Regulatory Statements may relate to provisions of the law in force at the time they were made, these comments are not a substitute for the law. The reader should consider the comments in light of the relevant provisions of the law in force at the time, taking into account the effect of any relevant amendments to those provisions or relevant court decisions occurring after the date on which the comments were made. Subject to the above, instructions, definitions, and positions contained in a Regulatory Statement generally apply as of the date on which it was published, unless otherwise specified.