NDP and Carol James will investigate the 2 regulators of Real Estate in BC.

The government has hired Dan Perrin, a lawyer with Perrin Thorau and Associates, to investigate the 2 regulatory bodies for Real Estate in BC; the Real Estate Council of BC and the Superintendent of Real Estate in BC. REALTORS in BC are actually governed by 5 regulatory bodies; Superintendent of Real Estate of BC, The Real Estate Council of BC, the British Columbia Real Estate Association, the Local Real Estate Board for the specific area and the Canadian Real Estate Association. I say, "it is about time." It is extremely unclear for REALTORS as to which regulator to listen to. There are multiple mixed messages from these 5 different organizations. For instance, the Real Estate Council of BC says that if a spouse or business partner of a licensed REALTOR buys or sells a property the REALTOR must disclose this on a specific form. However, as far as the council is concerned, the REALTOR does not have to disclose when an immediate family member like a parent or sibling, buys a property. Alternatively, the Real Estate board states that an immediate family member must be disclosed but this cannot be done on the form the council requests we have to use a different form. Imagine how difficult this is for a new REALTOR trying to do the right thing and learn as much about doing their job correctly as they can. He or she goes to one source and assumes they have the answer only to find out they have violated the rules of another source. There are numerous confusing issues like this with our different regulators. I agree that the regulators of REALTORS in BC need to be looked at. I applaud Carol James for taking a serious look at this. I hope that she takes a serious look at the proposed banning of Dual Agency. If she means what she says in her speech, it should be a certainty. She says, “Buying and selling property can be stressful, and people need to trust the professionals they are working with." The banning of dual agency after June 15 does the exact opposite of this. In certain cases, when a buyer or seller has chosen their REALTOR based on past experience and long established trust the ban forces them to use a different REALTOR. I believe each consumer should consider one hypothetical question when thinking of buying or selling their home. That is; "Assuming you are given all the pertinent information about the risks and rewards of using your REALTOR of choice are you comfortable with the government telling you that you cannot make that choice.?" After June 15, this question no longer remains a hypothetical. Again I applaud Carol James for taking the bull by the tail here.

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