Yesterday, the BC Government announced their intention to end self-regulation in the real estate industry and to establish a dedicated Superintendent of Real Estate.
Premier Christy Clark announced 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.
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.