(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

Manipulating water temperatures in the Nechako River

The objective is to protect migrating sockeye salmon

POLICE REPORT: Inexperienced winter drivers rear-end logging truck, YRB snowplow

Vanderhoof RCMP receive seven motor vehicle incident calls in first few days of snow

SD#91 iCubed tech and entrepreneurship youth summit a first for Northern B.C.

Students explore real world applications of entrepreneurial thinking

Fraser Lake honours service men, women and dogs

Canine Legion member “Sarge” places wreath at the Village Cenotaph

VIDEO: Government approves funding of $750,000 drug for B.C. woman

Approval comes one day after province announces funding for Soliris on a case-by-case basis

VIDEO: Rare comic showing Superman’s 1st appearance to be auctioned

The 1938 comic features Superman hoisting a car over his head

BC RCMP hunt for white SUV that rammed cruiser

Kamloops RCMP are looking for a white SUV headed north on the Yellowhead Highway

B.C. to reimburse methadone patients for taking clinic fees off welfare cheques

Provincial government agrees to pay back more than $5.5 million in deducted fees

Stiff fine for B.C. man caught trafficking bear parts

A Cache Creek resident was charged after an undercover sting operation by conservation officers

Vandals pour fake blood on statues at B.C. church

Church members concerned about string of acts of vandalism and possible escalation

Man linked to Shuswap farm where human remains found to appear in court

A rally will be held on the Vernon courthouse steps prior to Curtis Sagmoen’s appearance

B.C. snow plow operator helps save elderly man

The 73-year-old man had fallen at his isolated home, and finally was able to call for help

Wildlife group challenges B.C.’s interpretation of law on destroying bears

Fur-Bearers are challenging a conservation officer’s decision to kill a bear cub near Dawson Creek

Tourism numbers continue to climb in B.C.

The biggest rise in international travellers to British Columbia are those coming from Australia

Most Read