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Ch28 · 06-29-2016, 12:44 PM

Premier says BC ending self-regulation of real estate industry

Premier says BC ending self-regulation of real estate industry - NEWS 1130

VANCOUVER (NEWS 1130) – The province has dropped the hammer on the BC real estate industry.

Premier Christy Clark says the industry had 10 years to self-regulate itself and failed to do so.

She called the practice a privilege, not a right.

The government also accepts the recommendations of the independent advisory group and will:

Establish a dedicated superintendent of real estate, who will take over the council’s regulation- and rule-making authority to carry out the changes required to restore public confidence.
Reconstitute the Real Estate Council with a majority of public-interest, non-industry members.
Implement the recommended penalties, as well as increased fines for unlicensed activity and other offences.
Allow for commissions from licensees engaging in misconduct to be taken back to the council.
Make the managing broker responsible for ensuring the owner of the brokerage does not engage in the business of the brokerage if the owner is not a licensee.
No longer permit licensees to offer dual agency representation.

06-29-2016, 12:44 PM	#6853
Ch28 i like gifs Join Date: Dec 2001 Location: imgur Posts: 27,179 Thanked 7,785 Times in 2,695 Posts Failed 4,294,967,295 Times in 169 Posts	Premier says BC ending self-regulation of real estate industry Premier says BC ending self-regulation of real estate industry - NEWS 1130 VANCOUVER (NEWS 1130) – The province has dropped the hammer on the BC real estate industry. Premier Christy Clark says the industry had 10 years to self-regulate itself and failed to do so. She called the practice a privilege, not a right. The government also accepts the recommendations of the independent advisory group and will: Establish a dedicated superintendent of real estate, who will take over the council’s regulation- and rule-making authority to carry out the changes required to restore public confidence. Reconstitute the Real Estate Council with a majority of public-interest, non-industry members. Implement the recommended penalties, as well as increased fines for unlicensed activity and other offences. Allow for commissions from licensees engaging in misconduct to be taken back to the council. Make the managing broker responsible for ensuring the owner of the brokerage does not engage in the business of the brokerage if the owner is not a licensee. No longer permit licensees to offer dual agency representation.