Real Estate Industry No Longer Self-Regulated
Since 2005, the real estate industry has been self-regulated by the Real Estate Council. The Council is made up of 16 members, including members appointed by the provincial government. The Council has a broad mandate which includes licensing, relicensing, education, compliance and discipline.
After a recent report from an Independent Advisory Group (IAG), Premier Christy Clark has decided to put an end to the present model, replacing the Real Estate Council with a Superintendent of Real Estate who will take over the Real Estate Council’s regulatory duties.
There will be other changes too. Premier Christy Clark announced that she will adopt all of the recommendations in the IAG’s report. These include putting an end to dual agency; increasing maximum fines for misconduct; closer scrutiny of license applicants; and requiring offers received on a real estate transaction to be filed and retained for potential review.
For further information, please see: https://news.gov.bc.ca/releases/2016PREM0074-001180