(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

Dumping at Shaw Road “disgusting”

CSRD praises volunteers, wants illegal dumpers prosecuted

Sicamous pulls out of CSRD economic committee

District launches its own economic development corporation on Jan. 1, 2018

Controlled burns taking place across Okanagan

That smoke you see on Okanagan hillsides is supposed to be there

Slideshow: Shuswap Stars sparkle on the dance floor

Stunning choreography raises funds for new chalet at Larch Hills

Big White to send off Olympians in style

Okanagan ski resort picked as location for official send-off of Canada’s 2018 Winter Olympic team

Video: Shuswap stars shine for Larch Hills

Competitors dance to the tune of $30,000 for the chalet expansion

Cash donations create purchasing power

Salvation Army and food banks stretch a donated dollar a long way

B.C. reporter reflects on covering Charles Manson

Charles Manson, leader of a murderous cult, died on Sunday at 83

ICBC overbilling for crash repairs not the problem, dealers say

Collision repair shops reject union claim of inflated costs

B.C. groups to address child sex abuse in sports

viaSport is organizing a full day of education in association with Canadian Centre for Child Protection and the Coaching Association of Canada.

Silver Star opens Thursday

Vernon’s ski hill has plenty of snow and plenty of fun packed for opening weekend

Report sets exercise guidelines for young kids, including ‘tummy time’ for babies

Kids aged one to four should get at least three hours of physical activity throughout the day

Stampeders return to Grey Cup with 32-28 win over Edmonton Eskimos

The Stampeders will face the Toronto Argonauts next Sunday in Ottawa for the title

Traxxas Monster Truck Tour to roll into Kelowna

Monster Trucks at Prospera Place on Jan. 13-14, 2018.

Most Read