Licensee Consultation: Proposed Rule Change

In accordance with section 6.1 of the Real Estate Services Regulation, the Real Estate Council of British Columbia hereby gives notice of a proposed change to section 8-4(1) of the Council Rules. This change relates to the recent amendments made to the Real Estate Services Regulation regarding contract assignments. The Council intends to make the amended rule at its meeting on June 21, 2016, to take effect July 1, 2016.

Please take the time to review the following information. You are invited to submit your feedback below. This consultation period will end on June 18, 2016.

• To submit your feedback online, click here.

Proposed Change to Council Rules

General records

8-4 (1) A brokerage must retain the following records:

(a) written disclosures under Division 2 [Disclosures] of Part 5 [Relationships with Principals and Parties] or Part 9 [Licensee Exemptions] of these rules and any related acknowledgments;

(b) written service agreements and any other records that establish the scope of authority of the brokerage respecting the provision of real estate services to a client;

(c) annual financial reports under section 7-7 [annual financial statements] of these rules.;

(d) notices under section 8.2 of the regulation.

The proposed amendment will make it mandatory for brokerages to keep copies of the Notice to Seller Regarding Assignment Terms form. Brokerages must retain the forms so that Council auditors conducting inspections of brokerages as part of the Office and Records Inspection program can confirm whether licensees and brokerages are complying with new section 8.2 of the Real Estate Services Regulation.

This proposed amendment automatically creates a requirement under section 3-2 (1) of the Council Rules for licensees to promptly provide the original or a copy of the Notice to Seller Regarding Assignment Terms form to their managing broker.

This information is provided to you by the Real Estate Council of British Columbia.