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Brokerage Licensing

 

The following information relates to the initial licensing requirements for

Please review the appropriate section on this page depending on the type of entity that you wish to license. 


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Corporation or Partnership

Show/Hide AnswerStep 1: Seek Name Approval

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.

 

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.

 

Show/Hide AnswerStep 2: Complete and Submit an Application, including all the following

Submit the Application for Brokerage Licence: Corporation or Partnership form completed by either the officers and/or directors of the corporation, or partner(s) in the case of a partnership, accompanied by the appropriate fees.  

Click here to view the Council’s licensing fees. If paying fees by credit card, please use our Credit Card Payment form.

 

Show/Hide Answer     Include: Information on Directors

Submit the Director, Officer or Partner Information form completed by each director, officer or partner. If the individual is not currently licensed, or has not been licensed or registered as a director, officer or partner in BC under the Real Estate Services Act in the last 90 days, they must include an original criminal record check and photo identification with their form.

 

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.  

 

A change of partners in a partnership requires an application for a new brokerage licence.

 

Show/Hide Answer     Include: Application for a Managing Broker

Submit the Application for Representative, Associate or Managing Broker Licence form completed by a qualified managing broker, accompanied by the appropriate fees. 

Click here to view the Council’s licensing fees. If paying fees by credit card, please use our Credit Card Payment form.

 

Show/Hide Answer     Include: Current Financial Statements

To ensure a newly licensed brokerage has sufficient working capital available to meet its expenses for at least the first three months of operations, including any additional unanticipated expenses that may arise, the Council requires brokerage applicants to submit current financial statements (within the four months preceding the date of application).

 

The company must show three months projected expenses plus $5000 in unimpaired working capital (i.e. cash in the bank), in order to qualify for licensing. If shareholders’ loans are required to achieve this position, it is necessary that a subordination agreement be executed between the shareholders and the applicant in the form provided by the Council. Eighty percent of accounts receivable may be treated as a current asset.

 

You will note that the balance sheet and supporting schedules provided in the application package include entries for accounts receivable, accounts payable, capital assets, among others. If the brokerage applicant is a brand new incorporation with no past business or financial history, the Council is aware that some of these entries may be unnecessary, with possibly the only asset and liability entries being the required cash amount and a corresponding shareholders loan.

 

The Financial Statement must be:
(a) verified by the solemn declaration of the proposed managing broker or sole proprietor deposing to the accuracy of the financial statement;
OR
(b) 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.)

 

The Form A – Brokerage Operating Expenses, included in the Brokerage Application form, is intended to assist in estimating expenses. Submit a completed copy of the form with the financial statement.

 

Show/Hide Answer     Include: Proposed Fiscal Year

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 brokerage licensing.

 

Show/Hide Answer    Include:  Business Licence

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

Submit a copy of the city or municipal business licence.  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 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. Please provide a copy of the home based business bylaws for your area with the brokerage application.

 

In the case of a residential brokerage office, confirmation of the shareholder structure of the brokerage is also required.   Click here for further information regarding residential brokerage offices.

Show/Hide AnswerStep 3: Review Key Documents

Review the important information contained in the Council’s Real Estate Licensing Guidelines and the Brokerage Standards Manual.

 

Branch Office

Show/Hide AnswerStep 1: Complete and Submit Branch Application including the following

Submit the Application for Licence: Branch Office form completed by the managing broker, director, officer or partner of the brokerage to the Council, accompanied by the appropriate fee payment. To view the Council’s licensing fees, click here

 

Show/Hide Answer    Include:  Managing Broker Application

Submit the Application for Representative, Associate or Managing Broker Licence form completed by a qualified managing broker.

 

Click here to view the Council’s licensing fees. If paying fees by credit card, please use our Credit Card Payment form.

 

 

Show/Hide Answer     Include:  Business Licence

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

Submit a copy of the city or municipal business licence.  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 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.

 

Click here for further information regarding residential brokerage offices.

 

Show/Hide AnswerStep 2: Review Key Documents

Review the important information contained in the Council’s Real Estate Licensing Guidelines and the Brokerage Standards Manual.

 

Sole Proprietor

Show/Hide AnswerStep 1: Request Brokerage Name Approval

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. 

 

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.

 

Show/Hide AnswerStep 2: Complete and Submit Brokerage Application including the following

Submit the Application for Brokerage Licence: Sole Proprietor form completed by the applicant, accompanied by the appropriate fee payment. To view the Council’s licensing fees, click here

 

If you are a re-licensing applicant or have been unlicensed for more than 90 days, you must submit an original criminal record check and photo identification along with your application. Click here for information about obtaining a criminal record check.

 

If you have never been licensed in British Columbia and this is a first-time application, you must also provide an original criminal record check and photo identification. 

 

 

Show/Hide Answer     Include:  Financial Statements

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. 

The Financial Statement must be:

  • verified by the solemn declaration of the sole proprietor deposing as to the accuracy of the financial statement;

    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.)

Show/Hide Answer     Include:  Proposed Fiscal Year

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.

 

Show/Hide Answer     Include:  Business Licence

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

Submit a copy of the city or municipal business licence.  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 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.

  • Click here for further information regarding a residential brokerage offices.

 

Show/Hide AnswerStep 3: Review Key Documents

Review the important information contained in the Council’s Real Estate Licensing Guidelines and the Brokerage Standards Manual.