New ‘Duty of Cooperation’ Added to the REALTOR® Code
At the Canadian Real Estate Association’s (CREA) Annual General Meeting on Tuesday, April 18, 2023, delegates voted in favour of adding a new “Duty of Cooperation” to the REALTOR® Code, which includes a requirement to comply with the REALTOR® Cooperation Policy.
The core element of the policy requires residential listings to be placed on an MLS® System within three days of “public marketing” unless an exemption applies. “Public marketing” is any marketing of a listing to the public or to anyone not directly affiliated with brokers and licensees of the brokerage.
This ensures the integrity and comprehensiveness of MLS® Systems is protected and provides REALTORS® with rich, accurate and extensive data.
“We’re grateful for the many discussions and high engagement throughout the country, that have led to this decision and that a resounding majority of voting delegates agree that cooperation is central to what we do as REALTORS®,” said Jill Oudil, CREA’s Immediate Past Chair, adding that CREA looks forward to continue working with boards and associations ahead of implementation in January 2024. “Protecting and enhancing the comprehensiveness of MLS® Systems not only benefits REALTORS®, it’s in the best interest of Canadian home buyers and sellers.”
This policy does not prevent exclusive listings, for those clients who do not want broad public exposure of their property to the public, for any reason, unless and until any “public marketing” of the property takes place.
The REALTOR® Cooperation Policy will come into force on Wednesday, January 3, 2024, to provide boards and associations time to review their current rules and ensure they’re compliant with the policy. Once the policy comes into force, boards and associations will enforce this new “Duty of Cooperation” and the related policy under their REALTOR® Code enforcement process.
Additional resources including template forms with disclosure and consent language, will be added to CREA.ca/REALTORCooperation ahead of the enforcement deadline.