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Dear members, Please be advised that the Rules of Cooperation have been revised and will take effect on Monday, October 17, 2022, for the Fraser Valley Real Estate Board, Chilliwack & District Real Estate Board, and the Real Estate Board of Greater Vancouver. Also taking effect on October 17 is a new Irrevocable Direction Regarding Presentation of Offers (IDRPO) form, which will replace the current Direction Regarding Presentation of Offers (DRPO) form. Please follow the links to view: New IDRPO form to replace the current DRPO: - Making a seller’s delay of offers instruction irrevocable provides greater clarity and certainty for everyone involved in the process.
- This change is designed to increase public confidence in the way our profession handles offers from competing buyers.
- The default under Rule 4.02 is that offers must be presented “without delay.” If that is what your seller wants, you do not need to take additional actions. If your seller wants to override the standard rule, you must use the new Irrevocable Direction Regarding Presentation of Offers (IDRPO) form.
- Under the revised rule, once your sellers sign the IDRPO form, you cannot present or advise them about any early offers. This means that you must present all offers on the date noted on the IDRPO form, not before. This instruction cannot be rescinded.
- The new IDRPO form will be uploaded to WEBForms on October 12, with the current DRPO form removed on October 17.
Section 2 - Compliance: - Members shall not accept instructions from a client that contradict or override the requirements of the MLS® System or the Rules of Cooperation, except as expressly permitted within these Rules of Cooperation. (NEW)
3.06 - Accuracy of Listing Information: - Members are not permitted to copy from a previous listing of another Member, except as expressly permitted under Section 3.25 [Photographs, Pictures, and Sketches] of these Rules of Cooperation. Addresses a conflict in the existing rule 3.06 with rule 3.25.
3.07 - Property Disclosure Statement: - Unless otherwise instructed by the seller in writing, a Listing Brokerage shall, upon request from a Cooperating Brokerage, provide a copy of the Property Disclosure Statement to the Cooperating Brokerage for its use. A copy of the Property Disclosure Statement posted to the MLS® System would satisfy the Listing Brokerage’s obligation under this rule. (NEW) Mirrors the current rule for Title Searches.
3.11 - Listing Documentation: - In the case of strata MLS® listings, documentation shall also include one of the following, in accordance with Section 6.04 [Strata Properties] of these Rules of Cooperation: (a) proof that the strata documents defined in Section 6.04(a) have been ordered or received; or (b) a copy of the Seller’s written instructions to the Listing Brokerage as set out in Section 6.04(c). (NEW)
Note: Except for non-registered strata properties, new strata listings for sale must NOT be posted to the MLS® System by Broker Load offices without having either (a) or (b) on file in the brokerage. - Where a listing is to be entered onto the MLS® system by Board staff, all of the required documentation as noted above AND the data input form must be submitted to the Board. (NEW)
Note: Except for non-registered strata properties, new strata listings for sale to entered by Board staff must include either (a) or (b) in the listing documentation submitted to the Board for processing, or the listing will NOT be posted until it is received.
3.12 - Consent to Post Documents to the MLS® System: - Where written instructions have been received from the seller not to post the required document(s) under (a) and (b) above; a copy of the seller’s written direction must be posted by the Listing Brokerage to the MLS® System as an associated document within 24 hours of the listing becoming active on the MLS® System. (NEW)
3.18 - Cancellation of Listing: - Except where prohibited under Section 4.02(c) of these Rules of Cooperation, the Cancellation of an MLS® Listing will be processed by the MLS® Department upon the written request of the Listing Brokerage, in a form acceptable to the MLS® Department, under the terms agreed to by all the contracting parties.
3.22 - Member Access to Listed Properties: - (a) A new listing that cannot be shown…Any such written direction by a seller to delay showings must be complied with by the Listing Brokerage.
- (b) If an existing listing cannot be shown…the details of the contingency, including the specific date on which showings will be accommodated, must be in writing on an Amendment of Multiple Listing Contract form signed by the seller and must be added to the REALTOR® Remarks by either the Listing Brokerage or the MLS® Department. Any such written direction by a seller to delay showings must be complied with by the Listing Brokerage.
3.26 - Title Searches: - In order to confirm registered ownership of the property, except where the title search is provided by the Board, the Member must conduct a basic title search, or other search necessary to confirm ownership, prior to, or at the time of taking a listing. A search must be conducted on all listings of property for sale submitted to the MLS® System except business-without-land listings. (e.g., Manufactured Home Registry Search)
- Where written instructions have been received from the seller not to post the required document(s), a copy of the seller’s written direction must be posted by the Member to the MLS® System as an associated document within 24 hours of the listing becoming active on the MLS® System. (NEW)
4.02 - Presentation of Offers: - Multiple instances of the revised DRPO name, to be Irrevocable Direction Regarding Presentation of Offers (IDRPO) form
- New requirement to post a copy of any completed IDRPO form to the Associated Documents within 24 hours of the listing becoming active, or if not a new listing, within 24 hours of the seller completing and signing the form.
- (c) Once an irrevocable direction by a seller to delay the presentation of offers has been received, the Listing Brokerage shall not accept a cancellation of the Listing until the expiry of the delayed presentation period. (NEW)
- Members cannot circumvent the delay of offers period on the IDRPO form on their existing active listing, by cancelling and relisting the property without an IDRPO, during that delay period.
- (d) Any irrevocable direction by a seller to delay presentation of offers must be complied with by the Listing Brokerage. None of the specifics or terms of any offer received by the Listing Brokerage during the delay of presentation period may be communicated to the seller until the expiry of the delayed presentation period even though the offer may meet or exceed the list price, or the offer may be stated to expire prior to the delayed presentation period. (NEW) This is also noted in the acknowledgement the seller(s) made on the IDRPO form.
- (e) Unless otherwise instructed by the seller in writing, the Listing Brokerage shall without delay make the seller’s decision on the offer known in writing to the Cooperating Brokerage that submitted the offer. A copy of the seller’s written instruction shall be provided to the Cooperating Brokerage upon request.
6.04 - Strata Properties: - Unless otherwise instructed by the seller in writing, a copy of the registered strata plan must be posted by the Listing Brokerage to the MLS ® System as an associated document within 24 hours of the listing becoming active on the MLS® System. A copy of the seller’s written direction must be posted by the Listing Brokerage to the MLS® System as an associated document within 24 hours of the listing becoming active on the MLS® System.
9.09 - Maintenance Records: - Removal of the requirement for MLS® VOW Participants to maintain a record of a telephone number for each Registrant. Aligns with the March 2020 change made to remove the same from rule 9.06 (b) Requirements for Providing a Registrant with Access to an MLS® VOW.
Accessing more information: Remember: In many areas of the Rules of Cooperation where it references the Listing Brokerage as being required to perform tasks/duties or take action, it is in actual fact the Designated Agent who performs those tasks on behalf of the brokerage. Questions If you have any questions, contact Michelle Sparrow, Government Relations Lead and Conduct Advisor, Professional Standards, at 604-930-7606. Rock Lefebvre Executive Director & COO |
