The Real Estate Council of British Columbia (the Council) is a regulatory agency established by the provincial government in 1958. Its mandate is to protect the public interest by enforcing the licensing and licensee conduct requirements of the Real Estate Services Act (RESA). The Council is responsible for licensing individuals and brokerages engaged in real estate sales, rental and strata property management. The Council also enforces entry qualifications, investigates complaints against licensees and imposes disciplinary sanctions under RESA.
Within its terms of reference, the Council is responsible for ensuring that the interests of consumers who use the services of real estate licensees are adequately protected against wrongful actions by the licensees. A wrongful action may be deliberate or may be the consequence of inadequate exercise of reasonable judgment by a licensee in carrying out the normal duties and responsibilities as a licensee while acting for the parties involved in the transaction.
The Council is also responsible for determining what is appropriate education in real estate matters for individuals seeking to be licensed as real estate practitioners and arranging for licensing courses and examinations as part of the qualification requirement for licensing. Under the authority of the Council, licensing courses are delivered by the University of British Columbia’s Sauder School of Business (Real Estate Division), Vancouver. In 2013, the Council was the recipient of the Pre‐Licensing Education Program Award for the new Broker’s Business Planning & Financial Management Licensing Course. Awarded by the Association of Real Estate License Law Officials (ARELLO), the recognition reinforces the strength of the partnership with the Sauder School of Business.
The Council has been accountable since 1967 for ensuring that all licensed brokerages in BC have stringent controls in place to protect trust monies. Through an Office and Records Inspection Program, any deficiencies noted are shared with the brokerage to ensure compliance.
The effectiveness of the Council and recognition of its mature discharging of its responsibilities are evidenced by the fact that for over 50 years, successive governments have not considered altering the Council’s considerable powers but have, instead, broadened its role and delegated additional responsibilities to the Council.
In 2005, RESA replaced the former Real Estate Act. RESA significantly expands the regulatory authority and disciplinary powers of the Council.