The Agent is the real estate company under which the individual salesperson is
licensed.
REALTOR® is often used interchangeably
with licencee, real estate agent or salesperson and, in BC, is licensed under
the Real Estate Act. A REALTOR® can use the term REALTOR® if he/she belongs
to a local board or association that enforces a strict Code of Ethics.
The Boards are the real estate boards and
associates in whose jurisdiction the property is located and/or of which the Agent
or the REALTOR® is a member. They are associations which assist REALTORS®
to market and sell real estate. The Boards also provide ongoing training for their
members, enforce ethical standards and help resolve disputes between members and
the public.
The Multiple Listings Service ® is a computerized
database of real estate listings and sales. It is operated by the Board in conjunction
with other real estate boards and the Canadian Real Estate Association.
Personal Information means any personal information
about you, including your name, address, phone number, financial information and
may include information about your property (such as listings and selling price,
listing term, etc.).
The Buyer is often referred to as the Purchaser.
The Seller is often referred to as the Vendor.
The Principal is someone who has engaged an
Agent to act for and on his or her behalf either to buy or sell real estate.
PRIVACY
REALTORS®, Agents and real esate boards need to
collect, use and disclose some personal information to help you sell or buy real
estate. We respect your privacy and want to ensure you understand how and why
your information is collected, used and disclosed in a real estate transaction.
How is my personal information collected?
Most personal information will be collected directly from you through the contracts
and other documents you fill out (eg: Multiple Listing Contract, Contract of Purchase
and Sale, seller's Property Disclosure Statement) and through discussions you
have with your REALTORS®. Some information may be collected from other sources such
as government departments and agencies (eg: Land Title Offices, BC Assessment),
financial institutions and mortgage brokers.
To whom may my personal information be
disclosed?
Your information may be disclosed to (or may be accessible by) the Boards and
their staff and members, other real estate boards and their staff and members,
other REALTORS® and their clients, government departments and agencies, financial
institutions, legal advisors, service providers, the British Columbia Real Estate
Association, the Real Estate Council of British Columbia, the Canadian Real Estate
Association and members of the public, for the purposes described below.
Not all of your information will be accessible
to each of the above-mentioned entities. For example, once the listing terms has
ended, the general public will not have access to your information unless it is
otherwise available through public registries (eg: BC Assessment, Land Title Offices).
PURPOSES FOR COLLECTING, USING AND DISCLOSING PERSONAL INFORMATION
Why is my personal information collected, used
and disclosed? Your information may be collected, used and disclosed for some
or all of the following purposed:
- To allow members of real estate boards (including
REALTORS® and appraisers) to appraise your property.
- To list your property with the Multiple Listings Service ® in order to market
your property.
- To market your property for sale through any other media (both print and electronic).
- To help you locate a suitable property to purchase.
- To facilitate the purchase and sale transaction (by cooperating with financial
institutions, legal adivsors and government departments and agencies).
- To allow the Boards and other real estate boards and their members (including
REALTORS® and appraisers) to compile current and historical statistics on sales
and proerty prices, and to conduct comparative market analyses. Information about
your property will be retained in the Multiple Listings Service ® for thse
purposes after your property has sold or your listings has expired (if you are
a seller) and after you have purchased your property (if you are a buyer).
- To enforce codes of professional conduct and ethics for members of real estate
boards (by cooperating with real estate boards, the British Columbia Real Estate
Association, the Real Estate Council of British Columbia, The Canadian Real Estate
Association and other regulatory bodies).
- To comply with legal requirements and to act pursuant to legal authorizations.
- The above-mentioned collections, uses
and disclosures are a necessary part of your relationship with your REALTOR®.
Will my personal information be collected,
used and disclosed for any other purposes? Your information may also be collected,
used and disclosed for the following additional purposes:
- Your REALTOR® may communicate with
you in future to determine whether you require additional real estate services.
- Your REALTOR® may communicate with
you to provide information about other products or services which may interest
you.
- Other REALTORS® may communicate with you to determine whether you require additional
real estate services.
- These additional purposes are optional. If you do not want your personal information
disclosed or used for these purposes, please contact the Board's privacy officer.
Contact information for all real estate boards within BC can be found at the British
Columbia Real Estate Association (BCREA) website: www.bcrea.bc.ca or telephone
604.683.7702, or toll free 1.877.361.3626.
YOUR RESPONSIBILITIES AS A BUYER OR A SELLER
As a buyer or a seller, you should:
Carefully read all documents and understand
what you are signing.
If you need special or expert advice, seek other professionals such as lawyers,
notaries, accountants, home inspectors, contractors, engineers and surveyors.
Reprinted with permission from the British Columbia Real Estate Association "Working
With A Real Estate Agent; An Explanation Between You And A REALTOR®" A154;
December 2003.
