June 28, 2016 - The Real Estate Council of BC’s Independent Advisory Group released its final recommendations today to enhance consumer protection in the real estate profession.
Real Estate of Board of Greater Vancouver President Dan Morrison issued the following statement on today’s report:
“We welcome the Independent Advisory Group’s final report and we support its recommendations. We look forward to working with the Real Estate Council of BC to help implement the recommended changes.
Our members support their clients and favour measures that protect the public and bring greater transparency to the home buying and selling process.
The Real Estate Board of Greater Vancouver is the not-for-profit, professional association of the more than 12,800 REALTORS® in the region. We have a long history of supporting measures that protect the home buying and selling public and that strengthen accountability in the real estate profession.
We were created 97 years ago to help our members serve the real estate needs of the community, to protect home ownership and to advance and uphold a code of ethics and standards of business practices. We take these responsibilities seriously."
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Al's thoughts... "Yeah!" (More of my thoughts below in brackets)
Here are just a few of the 28 recommendations which I fully support:
- The Real Estate Council amend its Rules to no longer permit licensees engaged in trading services to offer dual agency.
(When in this situation in the past, I would refer the buyer to another agent. How can one person represent and negotiate for 2 different sides?)
- Government implement the changes it made to contracts used by licensees, requiring seller consent to contract assignments by the buyer, to all forms of contract for trades in real estate whether or not the contracts are prepared by licensees.
(It doesn't eliminate assignments, it just ensures everyone knows there is a possibility.)
- The Real Estate Council require that all offers received by a seller’s agent in relation to a trade in real estate, be promptly filed with that agent’s managing broker and be retained at the brokerage for review by the Real Estate Council on demand.
(This would eliminate the suspicion some buyers may have of "Is there really another offer or is the listing agent just saying that so I'll feel pressured into making a higher offer.)
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I imagine most agents will be supportive of the recommendations.
It's like security cameras - if you are not doing anything wrong, what's the big deal?
Allan
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