The Independent Advisory Group struck to investigate the issue of shadow flipping in Metro Vancouver real estate transactions has released its terms of reference.
The independent advisory group chaired by BC’s Superintendent of Real Estate Carolyn Rogers will look into how realtors conduct themselves and if they are protecting consumers or not.
It will also take a hard look to see if realtors are engaging in misleading advertising, disclosing conflicts of interest, or engaging in predatory sales practices.
It will examine the Real Estate Council of BC’s conduct, its rules and regulations, and its relationship with others in the industry and the public.
Most interestingly the group says if it finds something illegal it will be referred to the authorities for appropriate action.
The issue of flipping contracts multiple times to different buyers for ever increasing prices and several commissions all with the seller in the dark was dubbed ‘shadow flipping.’
The Advisory Group will have to work fast as it is scheduled to deliver its interim report by April 8th and full recommendations by the end of May.
However Carolyn Rogers has previously told CKNW that if the investigation needs more time she will ask for it.