Premier Christy Clark announced today that her government will establish a dedicated superintendent of real estate who’ll take over the Real Estate Council of BC’s regulation and rule-making authority. Clark says that this marks the end of self-regulation in the real estate industry.
We’re reaching out to our contacts at the Council and in government to better understand the implications of this change.
The province also announced plans to:
• Reconstitute the Real Estate Council with a majority of public-interest, non-industry members.
• Implement the penalties recommended by the IAG, as well as increase fines for unlicensed activity and other offences.
• Allow for commissions from licensees engaging in misconduct to be taken back to the council.
• Make managing brokers responsible for ensuring the owner of the brokerage don’t engage in the business of the brokerage if the owner is not a licensee.
• No longer permit licensees to offer dual agency representation.
Here’s the government’s announcement: https://news.gov.bc.ca/releases/2016PREM0074-001180
We’ll provide more information on this development as we learn more.
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