On Tuesday, February 9, the Office of the Superintendent of Real Estate (OSRE) announced five preliminary recommendations to support managing brokers as part of a report into the role of managing brokers in real estate transactions. The study was completed in collaboration with the Real Estate Council of BC (RECBC) and with input from BCREA, real estate boards and REALTORS®.
The recommendations are:
- Enhance education and qualification requirements for managing brokers.
- Develop enhanced resources for managing brokers to promote compliance.
- Explore more rigorous brokerage licensing and ownership requirements.
- Identify ways to enhance regulation through data and information.
- Continue to explore the long-term concepts for the role of managing brokers, as described in the 2019 discussion paper.
The report also includes more detailed sub-recommendations and OSRE noted that it has already begun working in collaboration with RECBC to implement changes, including:
- Providing enhanced resources for managing brokers by updating practice guidelines and disclosure forms,
- Improving education for real estate professionals, including for managing brokers, through the revamped Legal Update course format, introduction of new continuing education courses including a program of ethics education, and participation in the development of a National Competencies Framework for real estate practice, and
- Considering ways to adopt modern, efficient regulatory practices through improved collection of data and information, in preparation for the amalgamation of OSRE and RECBC with the BC Financial Services Authority (BCFSA).
Superintendent of Real Estate Micheal Noseworthy said in a February 9 email to real estate licensees that the challenges facing managing brokers are complex, noting that, “While there are no quick fixes, staff have provided their preliminary recommendations, informed by your feedback, which aim to take a holistic and measured approach.” Early in 2020, BCREA submitted several recommendations to OSRE regarding the future of managing brokers. The five recommendations announced by OSRE in February 2021 reflect several of BCREA’s concerns and priorities. We’ll take every opportunity to provide input as the regulator develops and implements its recommendations.
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