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Next steps for real estate board amalgamation announced

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Justin da Rosa | 29 Aug 2016, 08:49 AM Agree 0
Further details have been revealed around British Columbia’s potential real estate board unification
  • Erik aase | 29 Aug 2016, 11:16 AM Agree 0
    I think it's great that everyone on the mainland amalgamates!
    I'm so happy that vireb isn't participating as we would have been swallowed
    By the lower mainland and their agents.......Like a plague of locusts! Lol
  • | 29 Aug 2016, 11:45 AM Agree 0
    Interesting that BCREA is open to feed back, question etc. I had sent an e mail asking about individual board assets. The had been acquired by the Realtors fees of the individual boards and how would these assets be balanced out. Not one reply!!!
  • Ontario Realtor | 28 Nov 2016, 02:09 PM Agree 0
    I'm assuming you believe that in the case of a merger of the Boards, the individual boards should sell their assets, pay their liabilities and give the net to the current members. The problem is I doubt very much that you or any member bought a Share in the Board when you joined, and that when a Member left the Board they sold their share to someone who wanted to join the Board. I suspect that your board is a Not For Profit Organization and if you look into its documents you will see that the net proceeds of a Sale of the Assets are to be given to a charity. (You could also look on your board's balance sheet to see if the Board has any share capital)Ont.

    In the case of a merger of the boards, all assets and liabilities would be assumed by the legitimate successor organization.
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