New Professional Standards resource now available in six languages

A comprehensive new document entitled Professional Standards and FAQs is now available in six different languages from the Board.

To better serve the diverse population of our membership and the region, this document is available in Punjabi, Farsi, Traditional Chinese, Simplified Chinese, French and English.

Produced by the Board’s Professional Standards department, the document addresses the most commonly raised issues and concerns brought to the Board regarding matters of the professional and ethical conduct of members.

It is intended to position the services and obligations of our members to the public in a clear and direct way. It also directs the public to the options available for resolving issues with a REALTOR®. The document details the distinction between the Board and the Real Estate Council of BC (RECBC), and provides examples of the types of complaints received.

It also addresses five of the most frequently asked questions brought to the Professional Standards department, elaborating on each one in detail. The five most frequently asked questions (along with their short answers) are:

Who is your agent and what are their obligations?

Short answer: The real estate brokerage where your REALTOR® is licensed is your agent. All real estate agents are licensed under the Real Estate Services Act.

What is a contract and when is it legally binding?

Short answer: A contract is a legally binding agreement between two or more parties and describes the rights and obligations of the parties to the contract.

What is an Offer to Purchase?

Short answer: When you decide to buy a property, your REALTOR® will prepare what is known as an Offer to Purchase. The standard form used for this is called the Contract of Purchase and Sale. Once accepted by the parties it becomes the contract between the buyer and seller.

Can I cancel a listing contract, a buyer agency or an exclusive agency contract?

Short answer: Contracts can only be cancelled with the mutual consent of the parties.

Can you explain sellers’ and buyers’ contractual obligations?

Short answer: Buyers and sellers with signed contracts that are legally binding have many contractual obligations (with examples).

Professional Standards and FAQs

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