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Brokerage Licensing

The following information relates to the initial licensing requirements for corporations/ partnerships, branch offices and sole proprietorships.  Please review the appropriate section on this page depending on the type of entity that you wish to license. 

Corporation or Partnership

Step 1

  • Applicants should seek approval of the intended legal or trade name prior to submitting an application for licensing.  In order to assist applicants, the Council requests that you complete and submit the Request for Brokerage Name Approval form.

    Please note, if the brokerage is going to do business under a name other than its legal name, the trade name or franchise name must be registered with the Registrar of Companies in Victoria prior to licensing.  If using a franchise name, please include a copy of your “consent for use of name” from the franchisor.  A copy of your franchise or licensing agreement may also be requested.

Step 2

Step 3

  • Submit the Director, Officer or Partner Information form completed by each director, officer or partner.

    Please note section 4-5(2)(c) of the Council’s Bylaws requires every new director or officer of a corporate applicant to submit a Director, Officer or Partner Information form immediately following his/her election or appointment.  Please note that a change of partners in a partnership requires an application for a new brokerage.

Step 4

Step 5

  • Fees (section 4-3 of the Council Bylaws):

    Brokerage:

    • Licensing Fee - $500 (Cash, VISA, MasterCard, money order, or cheque made payable to “Real Estate Council of BC”) 

    • Errors & Omissions Insurance Assessment - $600 (Cash, VISA, MasterCard, money order, or cheque made payable to “Real Estate Errors & Omissions Insurance Corp.”)

    • Real Estate Special Compensation Fund Assessment - $250  (Cash, VISA, MasterCard, money order, or cheque made payable to “Real Estate Compensation Fund Corp.”)

    plus

    Managing Broker:

    • Licensing Fee - $125 (Cash, VISA, MasterCard, money order, or cheque made payable to “Real Estate Council of BC”) if currently licensed or applying within a licence period;

    or if licence period has expired

    • Licensing Fee - $500 (Cash, VISA, MasterCard, money order, or cheque made payable to “Real Estate Council of BC”)

    • Errors & Omissions Insurance Assessment - $600 (Cash, VISA, MasterCard, money order, or cheque made payable to “Real Estate E&O Ins. Corp.”)

    • Real Estate Special Compensation Fund Assessment - $100 (Cash, VISA, MasterCard, money order, or cheque made payable to “Real Estate Compensation Fund Corp.”) 

    • If the managing broker for the brokerage is also the managing broker for an affiliated brokerage, the fees are: $500 (Cash, VISA, MasterCard, money order, or cheque made payable to “Real Estate Council of BC”) and $100 (Cash, VISA, MasterCard, money order, or cheque made payable to “Real Estate Compensation Fund Corp”).

Step 6

  • Financial Statements (section 4-5(2) of the Council Bylaws):

    Submit a current (i.e. within the four months preceding the date of application) certified financial statement as evidence of the total unimpaired working capital requirement as noted on the Application for Brokerage Licence: Corporation or Partnership form.  Completion of Form A – Brokerage Operating Expenses, is also required.  An unconditional subordination agreement must be completed if any capital has been borrowed.

    Note:  The Financial Statement must be:

    • verified by the statutory declaration of the proposed managing broker deposing as to the accuracy of the financial statement (copy enclosed);

    OR

    • certified by a chartered accountant or certified general accountant as to the accuracy of the financial statement.  (Notice to Reader, Review Engagement Report or Audit Report are acceptable.)

Step 7

  • Fiscal Year (section 4-4(3)(c) of the Council Bylaws):

    The proposed fiscal year of the applicant in relation to brokerage activities must be indicated on the application for licensing.

Step 8

  • Business Licence (section 4-5(1) of the Council Bylaws):

    Submit a copy of the city or municipal business licence.  Please note that the Council is aware there is often a waiting period to receive an original business licence. As a result, a copy of the paid application for business licence showing the brokerage name and address is acceptable to the Council for the purpose of licensing.

    If no business licence is required for the brokerage in your area, please submit a letter from the local government authority advising that a licence is not required.

    If the licence is for a residential brokerage office under section 2-5 [residential brokerage offices] of the Council Rules, the applicant must provide evidence satisfactory to the Council:

    • that the local government bylaws applicable to the residence permit the brokerage to conduct business from the residence, and

    • of any restrictions established by local government bylaw limiting the persons who may conduct business from the brokerage office.

    In the case of a residential brokerage office, confirmation of the shareholder structure of the brokerage is also required.   For further information regarding a residential brokerage office, please review Part III, Item D in the Real Estate Licensing Guidelines  for Brokerages booklet noted in Step 9.

Step 9

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Branch Office

Step 1

Step 2

Step 3

  • Fees (section 4-3 of the Council Bylaws): 

    Branch Office:

    • Licensing Fee - $500 (Cash, VISA, MasterCard, money order, or cheque made payable to “Real Estate Council of BC”) 

    plus

    Managing broker:

    • Licensing Fee - $125 (Cash, VISA, MasterCard, money order, or cheque made payable to “Real Estate Council of BC”) if currently licensed or applying within a licence period;

    or if licence period has expired

    • Licensing Fee - $500 (Cash, VISA, MasterCard, money order, or cheque made payable to “Real Estate Council of BC”)

    • Errors & Omissions Insurance Assessment - $600 (Cash, VISA, MasterCard, money order, or cheque made payable to “Real Estate Errors & Omissions Insurance Corp.”)

    • Real Estate Special Compensation Fund Assessment - $100  (Cash, VISA, MasterCard, money order, or cheque made payable to “Real Estate Compensation Fund Corp.”) 

    If the managing broker for the branch office is also the managing broker for one of the brokerage’s existing offices, the licensing fee is: 

    • $500 (Cash, VISA, MasterCard, money order, or cheque made payable to “Real Estate Council of BC”).  No errors and omissions insurance assessment or Real Estate Special Compensation Fund assessment is required where a managing broker is licensed in relation to two offices of the same brokerage (e.g. head office and branch office, or two branch offices of the same brokerage).

Step 4

  • Business Licence (section 4-5(1) of the Council Bylaws): 

    Submit a copy of the city or municipal business licence.  Please note that the Council is aware there is often a waiting period to receive an original business licence. As a result, a copy of the paid application for business licence showing the company name and address is acceptable to the Council for the purpose of licensing. 

    If no business licence is required for the brokerage in your area, please submit a letter from the local government authority advising that a licence is not required. 

    If the licence is for a residential brokerage office under section 2-5 [residential brokerage offices] of the Council Rules, the applicant must provide evidence satisfactory to the Council:

    • that the local government bylaws applicable to the residence permit the brokerage to conduct business from the residence, and

    • of any restrictions established by local government bylaw limiting the persons who may conduct business from the brokerage office.

Step 5

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Sole Proprietor

Step 1

  • If you are doing business under a name other than your legal name, please obtain approval of the intended trade name from the Council prior to submitting an application for licensing. In order to assist applicants, the Council requests that you complete and submit the Request for Brokerage Name Approval form. 

    Please note, if you are using a trade or franchise name, it must be registered with the Registrar of Companies in Victoria prior to licensing.   If using a franchise name, please include a copy of your “consent for use of name” from the franchisor.  A copy of your franchise or licensing agreement may also be requested.

Step 2

  • Submit the Application for Brokerage Licence: Sole Proprietor form completed by the applicant, accompanied by the fees referred to below. A Criminal Record Check is conducted by the Council prior to licensing applicants that have been unlicensed for more than  90 days.  If you have been unlicensed for more than 90 days, you must submit clear copies of two pieces of identification along with your application as well as the attached Confirmation of Applicant’s Identification form. Click here for acceptable forms of identification.

Step 3

Step 4

  • Fees: 

    • Licensing fee - $125 (Cash, VISA, MasterCard, money order, or cheque made payable to “Real Estate Council of BC”) if currently licensed or applying within a licence period.

    • Real Estate Compensation Fund Assessment - Contact the Council regarding the assessment requirement.

    or if licence period has expired

    • Licensing fee - $500 (Cash, VISA, MasterCard, money order, or cheque made payable to “Real Estate Council of BC”)

    • Errors & Omissions Insurance Assessment - $600 (Cash, VISA, MasterCard, money order, or cheque made payable to “Real Estate Errors & Omissions Insurance Corp.”).

    • Real Estate Special Compensation Fund - $250  (Cash, VISA, MasterCard, money order, or cheque made payable to “Real Estate Compensation Fund Corp.”).

Step 5

  • Financial Statements (section 4-5(2) of the Council Bylaws):  

    Submit a current (i.e. within the four months preceding the date of application) certified financial statement as evidence of the total unimpaired working capital requirement as noted on the Application for Brokerage Licence: Sole Proprietor form.   Completion of Form A – Brokerage Operating Expenses, is also required.  An unconditional subordination agreement must be completed if any capital has been borrowed.  In order to assist applicants, copies of the required financial forms have been enclosed for your use. 

    Note:  The Financial Statement must be:

    • verified by the statutory declaration of the sole proprietor deposing as to the accuracy of the financial statement (copy enclosed);

    OR

    • certified by a chartered accountant or certified general accountant as to the accuracy of the financial statement.  (Notice to Reader, Review Engagement Report or Audit Report are acceptable.) 

Step 6

  • Fiscal Year (section 4-4(4)(d) of the Council Bylaws):

    The proposed fiscal year of the sole proprietorship in relation to brokerage activities must be indicated on the application for licensing.

Step 7

  • Business Licence (section 4-5(1) of the Council Bylaws):

    Submit a copy of the city or municipal business licence.  Please note that the Council is aware there is often a waiting period to receive an original business licence. As a result, a copy of the paid application for business licence showing the brokerage name and address is acceptable to the Council for the purpose of licensing.

    If no business licence is required for the brokerage in your area, please submit a letter from the local government authority advising that a licence is not required.

    If the licence is for a residential brokerage office under section 2-5 [residential brokerage offices] of the Council Rules, the applicant must provide evidence satisfactory to the Council:

    • that the local government bylaws applicable to the residence permit the brokerage to conduct business from the residence, and

    • of any restrictions established by local government bylaw limiting the persons who may conduct business from the brokerage office.

    For further information regarding a residential brokerage office, please review Part III, Item D in the Real Estate Licensing Guidelines for Brokerages booklet noted in Step 8.

Step 8