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Information BCFSA’s information provides clear, concise, easy-to-read explanations of the requirements for real estate professionals under the Real Estate Services Act (“RESA”), Real Estate Services Regulation (“Regulation”), Real Estate Services Rules (“Rules”), and other applicable legislation. This information is intended for use by real estate professionals, to support their understanding of the standards they must meet in the delivery of real estate services.
(a) Service Agreements
You and your client must sign a service agreement if you are entering into a relationship where you are going to provide trading services to a seller. The agreement must be signed by both your client and an authorized signatory of your brokerage before you provide any real estate services.
The service agreement must include the following:
Should an amendment to the service agreement ever be needed, or if the client waives the need for a service agreement, this should be put in writing and signed by your brokerage and your client. Your brokerage must immediately receive either the original or a copy of any service agreement you enter into with a client as well as any amendments.
(b) Disclosure of Representation in Trading Services
You must disclose whether you will be representing a person as a client before you provide any trading services on their behalf. This disclosure is required regardless of whether your brokerage and your client enter into a service agreement.
The Disclosure of Representation in Trading Services form by BCFSA outlines your duties and responsibilities to both clients and unrepresented parties. A new disclosure needs to be made anytime the nature of your representation changes through the course of the relationship with the consumer
(c) Buyer Agency Agreements
Buyer agency agreements are unique to trading services. Buyer agency agreements serve as service agreements between you as a real estate professional, your brokerage, and one or more buyer clients. These agreements are not mandatory and may be exclusive. Unlike service agreements between a brokerage/real estate professional and property owner, the Real Estate Services Rules do not require any mandatory content to be included in the buyer agency agreement.
Whether there is a buyer agency agreement or not, a Disclosure of Representation in Trading Services must still be reviewed with the buyer and completed before you provide any trading services on their behalf.
(a) Service Agreements
A service agreement must be completed anytime you are providing rental property management services to an owner of real estate.
The agreement must be signed by both your client and an authorized signatory of your brokerage before you provide any real estate services. The client may choose to waive this requirement, but a prudent real estate professional will get the waiving of the agreement in writing.
The service agreement must also contain mandatory content including:
Should an amendment to the service agreement ever be needed, the changes must be put in writing and signed by you and your client. Your brokerage must immediately receive either the original or a copy of any service agreement you enter into with a client.
(a) Service Agreements
If your brokerage provides strata property management services a service agreement must be entered into, unless waived by the client. The agreement must be executed prior to any real estate services being initiated and must be signed by both your client and an authorized signatory of your brokerage.
The service agreement must also contain mandatory content including:
Should an amendment to the service agreement ever be needed, the changes must be put in writing and signed by you and your client. Your brokerage must immediately receive either the original or a copy of any service agreement you enter into with a client.
Unless waived by the client, the brokerage must have a written service agreement in accordance with the Real Estate Services Rules with the strata corporation and each of the sections on whose behalf the brokerage provides services.
Electronic agreements and the electronic signatures can create enforceable agreements, whether they are service agreements or Contracts of Purchase and Sale, so long as all of the essential elements of a contract are in place.
Emails with a client’s name are not enough to replace a wet signature on paper or an electronic signature.
An inducement representation is a promise you make to a potential party to a service agreement that you will engage in some act or provide some service so as to convince them to continue with or enter into a service agreement with you and your brokerage. You must not make an inducement representation unless at the time of making the inducement representation you deliver a statement to the consumer that clearly sets out the details of the inducement representation signed by you and any other person involved in the inducement representation.
If a service agreement is entered into after the inducement is made, the service agreement must record the inducement representation.
