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"Point in Time" Regulation Content

Real Estate Services Act

Real Estate Services Regulation

B.C. Reg. 506/2004

NOTE: Links below go to reg content as it was prior to the changes made on the effective date. (PIT covers changes made from September 19, 2009 to present)
SECTIONEFFECTIVE DATE
Section 2.3 October 4, 2010
Section 2.7 October 5, 2015
Section 2.20 April 1, 2017
Part 4 Division 3 September 30, 2016
Section 6.1 September 30, 2016
Section 6.3 May 16, 2016
September 30, 2016
Section 6.4 October 25, 2016
Section 6.5 October 25, 2016
Part 6.1 September 30, 2016
Section 7.01 June 9, 2015
Section 8.2 May 16, 2016
Part 9 September 30, 2016
Section 10.1 March 18, 2013
Part 11 September 30, 2016
Section 11.3 October 25, 2016
Schedule September 30, 2016

 Section 2.3 (b) and (d) BEFORE amended by BC Reg 269/2010, effective October 4, 2010.

(b) a well to which the Petroleum and Natural Gas Act or the Geothermal Resources Act applies;

(d) a licence, lease or permit under the Coal Act, the Petroleum and Natural Gas Act or the Geothermal Resources Act.

 Section 2.7 (part) BEFORE amended by BC Reg 185/2015, effective October 5, 2015.

Exemption for accountants in relation to purchase and sale of business

2.7   A person who is authorized to practice public accounting under the Accountants (Certified General) Act, the Accountants (Chartered) Act or the Accountants (Management) Act is exempt from the requirement to be licensed under Part 2 of the Act in respect of trading services if all the following apply:

 Section 2.20 (1) (part) BEFORE amended by BC Reg 3/2017, effective April 1, 2017.

(1) In addition to any licence fees established by the real estate council, the applicant for, or holder of, a licence must pay to the superintendent a licence fee in the amount of $50 for every

 Part 4, Division 3 BEFORE repealed by BC Reg 217/2016, effective September 30, 2016.

Division 3 — Administrative Penalties

Designated contraventions

4.7   For the purposes of section 56 (1) [contraventions that may be subject to administrative penalties] of the Act, the following rules are designated as contraventions to which Division 5 of Part 4 of the Act applies:

(a) Rule 2-17 [mailing address for delivery];

(a.1) Rule 2-19 [licensee must reply promptly to council];

(a.2) Rule 2-20 [brokerage must give immediate notice respecting solvency];

(a.3) Rule 2-21 [licensee must give notice of discipline, bankruptcy or criminal proceedings];

(a.4) Rule 2-22 [brokerage must give notice of business changes];

(a.5) Rule 3-1 (3) [managing broker responsibilities], except as it relates to the maintenance of trust accounts;

(a.6) Rule 4-1 [display and keeping of licences];

(b) Rule 4-2 [business signs required];

(c) Rule 4-3 [requirements relating to personal offices];

(d) Rule 4-5 [licensee name must be indicated];

(e) Rule 4-6 [restrictions and requirements related to advertising];

(f) Rule 4-8 [advertising in relation to specific real estate];

(g) Rule 7-7 [annual reporting requirements];

(h) Rule 8-1 [financial records];

(i) Rule 8-2 [trust account and general account records];

(j) Rule 8-3 [pooled trust account records];

(j.1) Rule 8-3.1 [preparation of records after termination];

(k) Rule 8-4 [general records];

(l) Rule 8-5 [trading records];

(m) Rule 8-6 [rental property management records];

(m.1) Rule 8-7.1 [strata management records];

(n) Rule 8-9 [records must be kept up to date];

(n.1) Rule 8-9.1 [electronic records];

(o) Rule 8-10 [retention of records];

(p) Rule 8-11 [brokerage obligations when winding-up business].

[am. B.C. Reg. 87/2009, s. 1.]

Maximum amount of administrative penalties

4.8   The maximum amount of administrative penalty that may be established by any rule made under section 56 (2) of the Act is $1 000.

 Section 6.1 BEFORE repealed by BC Reg 217/2016, effective September 30, 2016.

Procedures relating to bylaws and rules

6.1   (1) This section applies to

(a) bylaws under section 84 (2) (b) and (c) of the Act, and

(b) rules under section 86 of the Act.

(2) At least 30 days before making the bylaw or rule, the real estate council must

(a) notify licensees of the proposed bylaw or rule in accordance with subsection (7),

(b) provide them with an opportunity to comment on the proposed bylaw or rule, and

(c) send to the minister and the superintendent a copy of the information referred to in subsection (7).

(3) After the minimum period established by subsection (2) has passed, the real estate council may

(a) make the bylaw or rule as proposed,

(b) make the bylaw or rule with editing changes that do not substantively alter the effect of the bylaw or rule, or

(c) withdraw the proposed bylaw or rule.

(4) For the purposes of subsection (3) (b), a change in the proposed effective date of the bylaw or rule does not substantively alter the effect of the bylaw or rule if the new effective date is a later date than that originally proposed.

(5) In order to make a rule, the real estate council must do this by a vote of not less than 3/4 of the number of members set for the real estate council.

(6) As soon as practicable after making the bylaw or rule, the real estate council must

(a) notify licensees, in accordance with subsection (7), and

(b) send to the minister and the superintendent a copy of the information referred to in that subsection.

(7) A notification to licensees under subsection (2) or (6) must provide

(a) the wording of the proposed bylaw or rule, or the adopted bylaw or rule, as applicable, and

(b) an explanation of its purpose and intended effect.

(8) A notification to licensees required under this section may be effected by publication on the real estate council's web site.

 Section 6.3 was enacted by BC Reg 110/2016, effective May 16, 2016.

 Section 6.3 BEFORE repealed by BC Reg 217/2016, effective September 30, 2016.

Standard terms in contracts prepared for providing trading services

6.3   The real estate council may make rules respecting standard terms about the assignment of a contract for the purchase and sale of real estate required to be included in a proposed contract of that kind prepared by a licensee for consideration by the party to whom or on whose behalf the licensee is providing trading services.

[en. B.C. Reg. 110/2016, s. 1.]

 Section 6.4 was enacted by BC Reg 249/2016, effective October 25, 2016.

 Section 6.5 was enacted by BC Reg 249/2016, effective October 25, 2016.

 Part 6.1 was enacted by BC Reg 217/2016, effective September 30, 2016.

 Section 7.01 was enacted by BC Reg 105/2015, effective June 9, 2015.

 Section 8.2 was enacted by BC Reg 110/2016, effective May 16, 2016.

 Part 9 BEFORE repealed by BC Reg 217/2016, effective September 30, 2016.

Part 9 — Transitional Regulations

Division 1 — Real Estate Council Composition

District representation

9.1   (1) Despite section 74 of the Act,

(a) a member of the real estate council who was elected to represent a district as established under the former Act continues in office until the expiry of their elected term of office,

(b) beginning with the election of council members held in the year 2005, and for each of the elections of council members held in the years 2006 and 2007, members are to be elected to represent districts in accordance with the Schedule to this regulation, and

(c) for each of those years, the total number of council members elected to represent districts is the number shown for each of those years.

(2) The limitation in section 77 (2) of the Act does not apply to an individual who is a council member at the time of the coming into force of this section until 6 years after the coming into force of this section.

Strata management representation

9.2   (1) Further to section 134 (3) of the Act, the first council member to hold office under section 76 (3) (j) of the Act [rental property or strata management services member] must be appointed by the real estate council for a term of office beginning at the same time that the council members elected to represent districts begin holding office following the 2005 election of council members.

(2) The council member appointed under subsection (1) must be a licensee who

(a) is licensed to provide rental property management services, and

(b) has been actively engaged in the business of providing strata management services for at least 2 years immediately preceding the date on which the appointment is made.

Division 2 — Manufactured Home Dealers

Transitional exemption for manufactured home dealers

9.3   (1) For the purposes of this section:

"grandparented manufactured home dealer" means a person who was, on December 31, 2004, exempt under the Motor Dealer Exemption Regulation, B.C. Reg. 189/88, from Part 1 of the Real Estate Act, R.S.B.C. 1996, c. 397;

"manufactured home sale services" means trading services related to the disposition of a manufactured home if the disposition does not involve an interest in real estate other than

(a) a month-to-month lease or tenancy agreement, or

(b) the assignment of a month-to-month lease or tenancy agreement

respecting the real estate on which the manufactured home is situated.

(2) A grandparented manufactured home dealer is exempt from the requirement to be licensed under Part 2 of the Act in respect of manufactured home sale services provided before November 1, 2005.

[am. B.C. Reg. 211/2005.]

Division 3 — Strata Management Services

Strata management licensing begins on January 1, 2006

9.4   (1) Section 3 of the Act does not apply in relation to the provision of strata management services until January 1, 2006.

(2) The first rules of the real estate council under section 86 [council rules] of the Act respecting the provision of strata management services, and licensees permitted to provide those services, must be approved by the minister before they are made by the real estate council.

 Section 10.1 definition of "spouse", paragraph (b) BEFORE amended by BC Reg 381/2012, effective March 18, 2013.

(b) is living and cohabiting with the controlling individual in a marriage-like relationship, including a marriage-like relationship between persons of the same gender.

 Part 11 was enacted by BC Reg 217/2016, effective September 30, 2016.

 Section 11.3 was enacted by BC Reg 249/2016, effective October 25, 2016.

 Schedule BEFORE repealed by BC Reg 217/2016, effective September 30, 2016.

Schedule

Transition for District Representation
on the Real Estate Council

 Number to be elected in 2005 ElectionNumber to be elected in 2006 ElectionNumber to be elected in 2007 Election
Managing
broker members
County of Vancouver2County of Vancouver2County of Vancouver1
County of Victoria1County of Victoria0County of Victoria1
County of Nanaimo0County of Nanaimo1County of Nanaimo0
County of Westminster1County of Westminster (N. of Fraser River)1County of Westminster (N. of Fraser River)0
County of Westminster: (S. of Fraser River)1County of Westminster: (S. of Fraser River)0
County of Yale1County of Yale0County of Yale1
County of Kootenay1Counties of Kootenay, Cariboo and Prince Rupert0Counties of Kootenay, Cariboo and Prince Rupert1
Counties of Cariboo and Prince Rupert1
Representative membersCounty of Vancouver1County of Vancouver0County of Vancouver1
Counties of Victoria and Nanaimo0Counties of Victoria, Nanaimo, Yale, Kootenay, Cariboo and Prince Rupert1Counties of Victoria, Nanaimo, Yale, Kootenay, Cariboo and Prince Rupert0
Counties of Westminster, Yale, Kootenay, Cariboo and Prince Rupert1Counties of Westminster (N. of Fraser River) and Westminster (S. of Fraser River)0Counties of Westminster (N. of Fraser River) and Westminster (S. of Fraser River)1
Total new members to represent districts 9 6 6
Total members representing districts 17 15 12