http://www.bcrea.bc.ca/
The British Columbia Real Estate Association (BCREA) represents 12 member real estate boards and their approximately 14,000 REALTORS on all provincial issues, providing an extensive communications network, standard forms, government relations, required post-licensing courses and continuing education. To demonstrate the profession’s commitment to improving Quality of Life in BC communities, BCREA supports growth that encourages economic vitality, provides housing opportunities and builds communities with good schools and safe neighbourhoods.
Multiple Listing Service (MLS) Sales
More homes were sold in BC in 2004 than any other year on record. REALTORS helped their clients sell 96,316 homes on the Multiple Listing Service (MLS) last year, over 2,700 more than the previous record set in 1992. Consumers invested a record $27.8 billion in residential real estate across BC in 2004, shattering the 2003 record by more than $3.6 billion, or 15 per cent. MLS is a cooperative marketing system used only by Canada’s real estate boards to ensure maximum exposure of properties listed for sale.
Economic Impact
Real estate purchases and sales translate into additional consumer spending, which drive the economy. A recent study found the average BC home sold on the MLS in 2003 triggered an estimated $27,915 in additional spending, including legal fees, moving expenses, home renovations, furniture and appliance purchases and taxes, and created nearly one-quarter of a job. Based on that figure, 2004 BC home sales generated $2.7 billion in spending and created 22,538 jobs.
Quality of Life is a philosophy the British Columbia Real Estate Association (BCREA) has adopted to demonstrate the commitment of the real estate profession to improve the Quality of Life throughout the province. REALTORS have always been active in their communities, and Quality of Life ensures that BCREA reflects that work.
Whether you're selling or buying property, a real estate professional can provide you with invaluable services and information.
Real estate professionals:
are educated about legal issues affecting real estate transactions;
are trained to negotiate the best prices and terms in the contract of purchase and sale;
provide objectivity in a potentially emotional situation;
are sources of information for current listings, market conditions; and
can recommend lenders and real estate evaluators.
Real estate transactions are among the largest financial investments that most people make. A trained professional can help make the experience pleasant and rewarding. In fact, with the assistance of a real estate professional, property sells faster and for a higher price.
REALTORS work within a legal relationship called agency. The agency relationship exists between you, the principal, and your brokerage, the company under which the individual representing you is licensed. The essence of the agency relationship is that the brokerage has the authority to represent the principal in dealings with others.
Brokerages and their licensees are legally obligated to protect and promote the interests of their principals as they would their own. Specifically, the brokerage has the following duties.
Undivided loyalty. The brokerage must protect the principal's negotiating position at all times, and disclose all known facts which may affect or influence the principal's decision.
To obey all lawful instructions of the principal.
An obligation to keep the confidences of the principal.
To exercise reasonable care and skill in performing all assigned duties.
To account for all money and property placed in a brokerage's hands while acting for the principal.
