Report on Conduct and Practices in the Real Estate Industry in British Columbia

The Advisory Group also wishes to acknowledge the willing cooperation and considerable effort of the staff of the Real Estate Council of British Columbia, and the submissions prepared by the eleven Real Estate Boards and the British Columbia Real Estate Association of BC. [...] THE ROLE OF THE SUPERINTENDENT OF REAL ESTATE Amendments to the Act in 2005 provided the real estate industry with full self-regulatory powers, and limited the scope of the Superintendent’s oversight over the Real Estate Council. [...] The Act establishes the objectives of the Real Estate Council to: } administer the Act and the Regulation, Rules and Bylaws; } maintain and advance the knowledge, skill and competency of its licensees; and } uphold and protect the public interest in relation to the conduct and integrity of its licensees. [...] The Regulations prescribe procedural requirements the Real Estate Council must follow in establishing its bylaws and rules, including: } 30 days before making the bylaw or rule, the Real Estate Council must notify licensees of the proposed bylaw or rule and provide them with an opportunity to comment; } the Real Estate Council must send a copy of the proposed bylaw or rule to the Minister and the [...] They also include a list of specific requirements that a licensee must: } act in the best interests of the client; } act in accordance with the lawful instructions of the client; } act only within the scope of the authority given by the client; } advise the client to seek independent professional advice on matters outside of the expertise of the licensee; } maintain the confidentiality of informat