PowerPoint presentation used in the June 4th Professional Matters Webinar.

1. JUNE2018
Managing Conflicts of Interest:
Professional Matters Webinar
Maureen Coleman: Manager, Professional Standards

2. Overview:
1. Knowledge Base
2. Forms & Guides
3. Managing Broker’s Toolkit
4. Questions

3. Licensee Knowledge Base

4. Licensee Knowledge Base
• Launched May 15th
• Licensee microsite on agency &
disclosure rules includes:
• new disclosure forms & guides
• library of articles, FAQs, video and
audio content
• Mobile compatible, easy to browse,
powerful search capacity

5. Digital Communication – E-news Open Rates
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
Open Rates March - May
• Average weekly Real
Advice E-news open
rate: 26%

6. Digital Communication – Videos

7. Licensee Knowledge Base – New Forms

8. Licensee Knowledge Base – Guides to Forms

9. Disclosure of Representation
in Trading Services
• New form
• Amended rule – but
obligation has not
changed
• Exemption exists for
open house & general
factual information

10. Disclosure of Risks to
Unrepresented Parties
• New form & new rule
• Must be used when already
representing a client in same
transaction
• May need to be presented
immediately after 5-10 form

11. Disclosure to Sellers of
Expected Remuneration
• New form & new rule
• Specifically for seller clients
• Must be in dollar amount
• Separate disclosure for each
offer (or counter-offer)
• This is in addition to 5-1(4)
• Don’t forget about 5-11

12. Disclosure of Risks Associated
with Dual Agency
• New form & new rule
• Must be filled out by
managing broker before
presenting form to consumer
• Must be sent to Council
• Separate form needed for
each consumer
• Not a dual agency agreement

13. Agreement Regarding Conflict
of Interest Between Clients
• New form & new rule
• To be used with current
clients
• Must be signed by both
clients
• Does not need to be sent to
Council

14. These forms are
mandatory and cannot
be altered or edited.

15. • Resources to support
managing brokers to
train & supervise
licensees, manage
brokerage
administration.
Managing Broker Toolkit

16. • A fully informed consumer is a protected consumer
• A mere signature on a prescribed form may not be sufficient
• Licensee advises and client decides
• Licensees should take a thorough, consultative approach
with clients
Importance of Informed
Consent & Proper Disclosures

17. • Brokerages will need to keep records of the new disclosures
as required by the existing rules
• Disclosures under 5-10, 5-10.1 & 5-11.1 are required to be
kept as prescribed by rules 8-4 and 8-5
• Disclosures under 5-17 must be “promptly” sent to Council
• Licensees must promptly provide copies to brokerage under
3-2
Retention of Records

18. • Records of the brokerage must be maintained in
accordance with RESA, the Regulation, Rules, and Bylaws
• Familiarize yourself with sections 8-9.1 and 8-10 of the
Rules, and section 25 of RESA.
• Electronic records:
• copies must be kept in BC
• copies must be easily transferred to a printed format
for inspection by the Council
Record Management System
Areminderaboutproperprocedures

19. 1. How the brokerage is storing the form;
2. How individual forms may be retrieved upon request;
3. The brokerage’s retention and destruction policy relating to the
form; and
4. The training the brokerage provides to its licensees with respect to
the proper use of the form.
What Auditors Will be Looking For
(Applies toallnew forms exceptDisclosureof RisksAssociatedwithDualAgency)

20. 1. Council will “flag” each form submitted to track the licensee,
managing broker & brokerage.
2. This will allow Council to run reports on who is using the form, and
the frequency of the form’s use.
3. The Manager of Compliance will review all incoming forms.
What Auditors Will be Looking For
(Specificallyfor Disclosureof RisksAssociated withDualAgency)

21. QUESTIONS??