At Oakwyn, we want to make sure we are continuing to provide value and insight within the Real Estate Industry. This includes sharing our knowledge and experience with our community.
For this month Oakwyn Managing Broker, Arlene Chiang is here to shed light on RECBC’s Administrative Penalty Guidelines, in effect Feb 1, 2021.
Read on for Arlene’s take and get in the know, with Oakwyn.
RECBC’s Administrative Penalty Guidelines
RECBC Administrative Penalty Regime came into effect Feb 1, 2021. The Real Estate Council of British Columbia, together with the Office of the Superintendent of Real Estate, have released a new Administrative Penalty Regime as a method to promote compliance with the legislative requirements.
The new regime encourages us to continue to work to improve the level of standards and professionalism in the industry today.
The Administrative Penalties are broken into 4 Categories:
Contraventions in this category are characterized as business management infractions, such as paperwork requirements and submissions, with low risk of harm to consumers.
Administrative penalty amounts are $1,000 for 1st contravention and $2,000 for subsequent contraventions.
The infractions involved in Category B are generally characterized as minor matters with no or immaterial harm to consumers. Most of the matters in Category B are licensee responsibilities to keep RECBC informed or are individual licensee responsibilities to keep their managing broker informed.
Administrative penalty amounts are $2,500 for the 1st contravention and $5,000 for subsequent contraventions.
Contraventions in this category contain substantial duties licensees owe to clients and a failure to act with reasonable skill and care.
Administrative penalty amounts are $5,000 for the 1st contravention and $10,000 for subsequent contraventions.
Contraventions in this category are characterized by mostly advertising and marketing requirements. The potential amount of the penalty will increase on a daily basis until compliance is achieved.
Administrative penalty amounts are $1,000 for the 1st contravention and $2,000 for subsequent contraventions, or a daily penalty of $250 until compliance is met to a maximum of $50,000.
In This Together
We hope our round-up of RECBC’s Administrative Penalty Guidelines is helpful for you! We are in this together to improve the real estate industry! Let’s stay on top of what we need to do to continue to lead the way in providing professional, ethical, and excellent service to those we serve.
For more information check out our website, or contact us!
About our Broker Break series:
These blogs aim to leverage our Managing Brokers’ industry experience into content to better serve our community. Together, we will continue to stand up for the ways in which we can transform the industry, from the inside out.