The licensee was a co-listing agent for the seller. Relevant Cases Case #1: Licensee Had Seller Client Sign an Addendum Stating That the Seller Would Receive Specified Net Proceeds from the Sale and the Licensee Would Receive the Remainder of the Sale Proceeds as a Bonus. If the situation cannot be resolved, you may need legal advice. You should speak with your managing broker if a remuneration dispute arises. You can be paid as an employee of the brokerage or an independent contractor. Remuneration earned by a brokerage is paid to their real estate professionals based on their contracts. RESA does not address commission disputes between brokerages or between a brokerage and their real estate professionals. Understanding Remuneration Disputes and Advances It also has and has provisions that include both criminal and civil offences. The Competition Act outlines what practices are considered anti-competitive and illegal. The Competition Bureau of Canada is an independent agency that ensures businesses and consumers benefit in a competitive marketplace. You should be able to justify the fees your brokerage charges, whether working with buyers, sellers, strata corporations or owners renting properties regardless of what other real estate professionals in the industry are charging. The remuneration rates charged by your brokerage should be based on the services provided. It is also a violation of competition laws to collude with other brokerages to drive up remuneration rates or to discourage other real estate professionals or brokerages from reducing their rates. Suggesting to your client that there is a standard is contrary to competition laws. Remuneration can be negotiated by you (if you have the authority), your brokerage, and your client. In real estate there is no standard remuneration. Please click here for more information on buyer agency agreements, and here for more information on the duties you owe to your clients. By outlining your expectations when it comes to commission at the outset of your agency relationship and agreeing with your client who will compensate you should a seller be offering a commission amount that is below what you charge, you will eliminate the issue of having to represent your client in a transaction where a reduced commission or no commission is being offered by the seller or the seller’s brokerage. One of the simplest ways to address your commission expectations when representing a buyer is to review with them and request they enter into a buyer agency agreement. This includes showing properties your client may be interested in where the seller is offering a lower-than-expected remuneration or no remuneration. It is important to remember that you must always act in your client’s best interest. When searching for properties that match a client’s search parameters, often the databases which advertise the properties include the cooperating commission being offered.
Guidelines Showing Properties to Buyers Based on Cooperating Remuneration
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These guidelines will help you understand how to act in your client’s best interest in situations where your actions may be influenced by actual or potential remuneration. In addition, BCFSA’s Guidelines may be a useful information source for the general public looking for information about standards of conduct for real estate professionals. These guidelines provide BCFSA’s interpretation of RESA and all other applicable legislation. BCFSA’s Guidelines provide a practical application of the information and give suggested best practice guidance to assist real estate professionals.
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