Brokers Need to Include RMS Info in Practice Review Checklist
| November 30, 2023
by Kehinde Ige, Practice Review Manager
By now, licensees should be aware that they must use the Residential Measurement Standard (RMS) when measuring residential properties.
But did you know this information also needs to be documented for when RECA conducts a Practice Review of your brokerage?
This RECA Information Bulletin outlines a broker’s responsibility when it comes to ensuring licensees of the brokerage are following the RMS. Measurement documentation needs to be a part of the brokerage file. It’s important to note that because all real estate trading activity of a brokerage licensee is carried out on behalf of the brokerage, any property measurement companies hired by licensees are actually providing service to the brokerage. Establishing policies surrounding brokerage employee use of property measurement companies protects the brokerage and helps you ensure measurements are being taken correctly.
Why does RECA need this information?
When RECA’s Practice Review team performs a brokerage practice review, they need to be able to see documentation that the RMS was used correctly for any residential property size measurements and that it corresponds with the property size included in the listing.
Please see the Information Bulletin for more information on your responsibilities as a broker.
INCLUDE THE RMS IN YOUR CHECKLIST
Your Real Estate Broker ‘Records Required’ checklist for file reviews should include the requirement to include RMS information for each residential property listing, where applicable. This provides assurance that you, as the broker, have reviewed and are satisfied that the measurement was competently calculated.
If you have any questions on RECA’s practice review process, what’s included, or the requirement to provide RMS information specifically, please contact email@example.com