Which statement about representing a buyer in British Columbia is correct?
Correct Answer
C) A written buyer agreement is optional, but the s. 54 disclosure is required first
Rules s. 43 requires a written service agreement (unless waived) only for trading services to an owner offering real estate for sale, rental property management and strata management. For a buyer, a written agreement is optional, but s. 54 requires the licensee to disclose, before providing trading services, whether they will represent the buyer as a client.
Why This Is the Correct Answer
Section 43 does not list buyer services, so a written buyer agreement is not mandatory; s. 54 still requires the representation disclosure first.
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Previous Question
A BC licensee realizes that acting for both a buyer client and a seller client in the same trade would be dual agency. With both clients' written agreement in the approved form, the licensee continues for the seller only. The licensee earlier learned that the buyer has a past bankruptcy. What must the licensee do?
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In British Columbia, what is the highest marginal rate of general Property Transfer Tax on a residential purchase, and is there a maximum amount?