Teams, Agency and Disclosure: New Dual Agency Rules - Category: Property Sales
Posted by Jack Barker
On June 15, 2018, consumer protection rules from the Superintendent of Real Estate will take effect. The goals of the rules are to ensure consumers are well-protected, well-informed, and can benefit from the undivided loyalty of a real estate licensee who is acting in their best interests. These rules will protect consumers by:
- Prohibiting limited dual agency in almost all cases, and
- Requiring new disclosures about commissions, services to expect from a licensee, and the risks of being an unrepresented party in a real estate transaction.
The Superintendent’s rules will change the way real estate is practiced in BC, and will enforce the fundamental REALTOR® duties of undivided client loyalty, confidentiality, managing conflicts of interests, and informed client consent.