“BCREA fully supports the IAG’s work, and any measures that improve consumer trust and Realtor professionalism,” BCREA President Deanna Horn, a Langley Realtor, said. “I’m pleased to say that most of the 20,000 REALTORS® in the province take pride in representing their clients ethically and honestly. When that doesn’t occur, we encourage consumers and REALTORS® to make complaints.”
The IAG has been tasked with reviewing British Columbia’s real estate industry. It has suggested higher fines and the abolition of deals in which an agent represents both the buying and selling parties.
"Public confidence in the integrity of the real estate services sector and its regulation has been shaken," IAG head Carloyn Rogers said in a letter to B.C.’s Real Estate Council. "The public has rightfully questioned whether the self-regulatory powers granted to the real estate services industry continue to be appropriate and whether the industry is adequately fulfilling its obligations under this regime."
BCREA’s suggestions include encouraging the Real Estate Council of BC to expedite complaints and the discipline process against agents; increase council fines; launch mandated education courses for agents; make buying contracts mandatory for lawyers and notaires subject to the same proposed restrictions for licensees when it comes to assignments.
“We look forward to the final report of the IAG,” Horn said. “This process is positive, and we expect benefits for real estate licensees and consumers.”
Real estate board shares recommendations with Independent Advisory Group that could impact agents.