Regulatory resources FAQ

Here are answers to some of the key questions we received about BCFSA’s Regulatory Guidance.

• Will I still be able to access the PSM or BSM after the new Information and Guidelines come online?Permanent link to this section

  No. The PSM and BSM will be replaced on the BCFSA website by the Information and Guidelines. However, many of the useful elements from the PSM, such as checklists, case studies and examples, will still be available on Knowledge Base as additional resources linked to the relevant Guidelines.

• Is BCFSA changing its interpretation of the Real Estate Services Act or the Real Estate Services Rules with the rollout of the new Information and Guidelines?Permanent link to this section

  No. Our new regulatory guidance materials are simply a different way of providing information to professionals. No regulatory requirements for real estate professionals are changing as a result of the introduction of the Regulatory Information and Guidelines

• Will I be informed when BCFSA makes changes to Information and Guidelines moving forward?Permanent link to this section

  Yes! The new materials will be reviewed on a regular schedule, and updates or revisions will be communicated to all real estate professionals. Each Guideline is dated, and we will add the dates of any revisions, so that you can have confidence that you are using the most up-to-date guidance available.

• When real estate professionals at my brokerage ask questions that are new and unfamiliar, what steps should I take?Permanent link to this section

  The information and guidelines are available in the Knowledge Base. The new resources include managing broker considerations and relevant cases to assist you in your decision making. Practice Standards Advisors are available to provide information and respond to practice inquiries.

• With all the changes coming what does this mean for us as managing brokers?Permanent link to this section

  Inform the real estate professionals at your brokerage about the changes, ensuring they are well versed. Create robust policies and procedures for your brokerage.

• Given the focus on critical thinking and using professional judgement, is this now being taught in BCFSA’s education courses?Permanent link to this section

  Yes. One of the purposes of this project was to ensure that the information and guidelines were following the “continuum of education”. Our goal is that the information and guidelines are consistent all the way from the pre-licensing course to the new regulatory resources. 

• Will there be changes to the guidance as a result of integration with BCFSA?Permanent link to this section

  No. As a result of integration, the Information and Guidelines are consistent with the approach to the guidance at BCFSA.

• Will downloadable forms and documents still be available?Permanent link to this section

  Yes! Relevant forms, checklists, articles and other documents will be linked from the appropriate Guideline. We want to make sure you have easy access to all the information you need.

• Will it be easier for me to locate the information I am looking for?Permanent link to this section

  A key focus of the project is to improve search functionality on the BCFSA Knowledge Base so that you can find the information you need quickly and easily. 

• I have a printed copy of the Professional Standards Manual from 2011. Can I continue to use it?Permanent link to this section

  We strongly recommend that you use BCFSA’s online guidance in order to ensure that you have the most up-to-date information on requirements and compliance standards. 

• What should I do if I cannot find the information I’m looking for?Permanent link to this section

  BCFSA’s Practice Standards Advisors offer confidential information services for real estate professionals. They can point you to the regulatory information you need.