Real Estate Organizations in BC
For decades, confusion over which real estate organization is responsible for what has been common. The current attention on the industry has done little (or nothing) to eliminate that confusion, so here's a very high-level overview, as the situation currently stands:
- The Real Estate Council of British Columbia protects the public interest by assuring the competency of real estate licensees in BC and ensuring their compliance with the Real Estate Services Act. The Council encourages public confidence by impartially setting and enforcing standards of conduct, education, competency and licensing for real estate licensees in the province. The Council is accountable to and advises government on industry issues. www.recbc.ca
- The Office of the Superintendent of Real Estate at the Financial Institutions Commission investigates and takes enforcement action in relation to unlicensed real estate activity. The Superintendent can also intervene in the regulation of real estate professionals if an urgent concern for the public interest arises and may appeal disciplinary decisions of the Real Estate Council of BC. Under the Real Estate Development Marketing Act, the Superintendent regulates the marketing, sales and long-term leases of development units. The Financial Institutions Commission is a regulatory agency of the BC Government, responsible for administering nine statutes that regulate the pension, financial services and real estate sectors in BC. www.fic.gov.bc.ca
- The BC Real Estate Association is the professional association for more than 20,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province's 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients. www.bcrea.bc.ca
- The Real Estate Foundation of British Columbia is a philanthropic organization. Its mission is to transform land use attitudes and practices through innovation, stewardship and learning. Through grants, the Foundation provides funding to non-profit organizations working to enable positive change in BC communities. Since 1985, the Real Estate Foundation has received the interest that accrues on brokerage trust accounts to carry out its mandate. www.refbc.com