July 9, 2018

6 Things You Should Know About Keeping Records

Each time you make a mandatory disclosure to a consumer using one of RECBC-approved forms, you’ll need to promptly deliver a copy of the disclosure to your brokerage. Remember that you need to send the copy of the disclosure form, with the mandatory licensee sections completed and signed, to your brokerage even if the consumer has declined to sign the form.

When Council auditors visit brokerages, they will be conducting a review of the brokerage’s policies and procedures to ensure licensees at the brokerage are complying with the requirements of the Superintendent’s rules around disclosure and agency.

With that in mind, here are 6 tips that you can use to ensure you are doing everything you should to comply with the Superintendent’s agency and disclosure requirements.

1. Submit All Forms Promptly to Your Brokerage
One of your important responsibilities is promptly providing your brokerage with records related to the real estate services you provide. Remember that the obligation to provide records 'promptly’ means without delay.

You must submit copies of all of the disclosures you provide consumers, including all of the Disclosures of Expected Remuneration to Sellers (regardless of whether the offer was successful). All of the pages of all of the forms must be submitted to your brokerage as they are an integral part of the forms.

2. Follow Your Brokerage's Procedures & Policies
Your brokerage should have established policies and procedures for how disclosures and other records relating to a trade in real estate are collected, filed and stored. By following these procedures each time you work with a consumer, you’ll help to ensure consumers are protected, and you’ll protect yourself.

Mistakes can occur when things get busy and crucial steps are missed. Following standardized processes and checklists will help ensure that this does not happen to you.

3. Understand What Our Auditors Need to See
When a Council auditor visits your brokerage, they will be checking to ensure that your brokerage has adequate policies and procedures in place to comply with all of their legislative requirements, and that all licensees at the brokerage are following them. Our auditors can help brokerages to identify areas where they can strengthen their policies, and answer questions.

Learn more about audits from Lisa Holst, RECBC’s Director, Accounting & Audit, in this brief video.


4. Use the RECBC Forms App
The RECBC Forms App allows you to quickly and easily submit a copy of the Disclosure of Representation in Trading Services and the Disclosure of Risks to Unrepresented Parties to your brokerage. The app also tracks the date and time that the form was submitted.

5. Review your Legislated Requirements
Make sure you understand sections 8-4 and 8-5 of the Rules. These two rules set out the various general records relating to the provision of real estate services that a brokerage must retain and the documents that must be kept in respect of trades in real estate.

6. Learn More About Records Management
In this recent Council webinar Maureen Coleman, Manager of Professional Standards discusses how to maintain records in compliance with the Rules. Records management begins at around 16 minutes.