Real Estate Market Report: 28 Independent Advisory Group Recommendations

Blog by Arnold Shuchat | June 28th, 2016

Here is a summary along with the complete report just published by the Independent Advisory Group appointed by the Real Estate Council. Kudos to the group for an excellent job which hits the mark in many ways.  I am however, unsure of the intentions of the recommendation dealing with language issues.  It may require additional clarification.

Among the key recommendations:

-Hugely increased fines to a maximum of $250k for Realtors and $500k for Brokers;
-Elimination of double ended deals by Realtors
-Increased admission standards to the profession
-Elimination of Realtor participation in purchase transactions in which they are representing a seller;
-Competence evaluation and retesting with license renewals;
-Greater public representation on the Real Estate Council;
-Written records to be maintained for all offers received by the listing Realtor/Brokerage so as to validate the truth of "Multiple offer" scenarios and eliminate possible favouritism in the offer presentation process;
-Duty to report misconduct by other professionals;
-Requirement that offending Realtors disgorge profits from transactions where duties to their clients have been breached, in additions to increased fines;

Please click on the icon below to read the complete report: