(Twitter - @OSRealEstateBC)

New rules would ban Realtors from representing both buyers and sellers

B.C. superintendent of real estate continues to act, following report into ‘shadow flipping’

New rules proposed by the B.C.’s superintendent of real estate could ban Realtors from representing buyers and sellers at the same time.

Key changes outlined in a proposal released Thursday include prohibiting the practice of dual agency and increasing mandatory licensee disclosures regarding representation and remuneration.

Dual agency, or limited dual agency, is a licensed Realtor representing both a buyer and seller in a transaction, or two or more competing buyers.

The ban would be exempt for Realtors in remote and under-served locations.

The proposed changes stem from recommendations issued in a report to the Real Estate Council of BC in June 2016, which examined the framework for real estate in the province.

The report was prompted by allegations that some real estate agents were flipping homes multiple times before a deal closed, also known as “shadow flipping,” that drove up prices and commissions.

The report also found that a Realtor representing more than one party in the transaction of a property could hinder their ability and duty to act in the best interests of the client.

But while the proposed ban on dual agency addresses a push for more transparency, Real Estate Board of Greater Vancouver president Jill Oudil insists the changes could give consumers less choice.

“We believe there are other circumstances where consumers should have the choice to consent to limited dual agency so long as they can demonstrate that their consent is informed,” Oudil said in a statement.

“People who’ve built a longstanding relationship with a Realtor shouldn’t be forced to find alternative representation in a transaction against their wishes.”


@ashwadhwani
ashley.wadhwani@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Just Posted

Westbank First Nation reports an increase in building activity

2017 was the fourth busiest year for building on WFN reserves since 2005

One fatality in Highway 97 collision in Vernon

Two vehicles involved in crash that has halted traffic

Kelowna woman only Canadian to train in Danish sailing program

A Kelowna sailor compares her life at sea to manning an old… Continue reading

Okanagan Sun juggle coaching staff

Kelowna football club makes a move within its coaching ranks

Kelowna West Libertarian goes after ICBC

Kyle Geronazzo feels B.C. drivers are being “ripped off” by the provincial auto insurer

What’s happening

Find out about events happening in your community this weekend

World’s fastest log car made in B.C. sells for $350,000 US

Cedar Rocket auctioned off three times at Barrett-Jackson Co., netting $350,000 US for veterans

Thunderbirds ground Rockets

A week after a 6-2 win in Kent, WA, the Rockets fall to Seattle Friday in WHL action

Bad timing: Shutdown spoils Trump’s one-year festivities

Trump spends day trying to hash out a deal with Senate Minority Leader Chuck Schumer

RCMP nail sex toy thief

Shop owner plays a role in arrest

Ice-cream-eating bear draws controversy

An Alberta Wildlife Park posted a video this week of one of their bears going through a Dairy Queen drive-through

Fernie, RCMP go to court over city log books in fatal ammonia leak probe

Log books center stage in clashing of investigations between the city and RCMP

B.C.’s biggest pot plant planned for Oliver

Co-founder Tony Holler said the 700,000 sq. ft. facility would produce 100,000 kg of pot per year

High-end whisky seized in B.C. bar raids

Raids end in seizures at Victoria, Nanaimo and Vancouver whisky joints

Most Read