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Education & Licensing Guidelines

I. Education Guidelines

1. Education Waivers

2. Council Guidelines

II. Licensing Guidelines for Individuals

1. Licensing Requirements

2. Council Guidelines

III. Licensing Guidelines for Brokerages

1. Licensing Requirements

2. Council Guidelines

IV. Council Rules

I. Education Guidelines

1. Education Waivers

(a) Requests for Education Exemptions

Requests for education waivers are to be submitted, in writing, to the Real Estate Council of British Columbia (“RECBC”) office. Upon receipt, requests are considered by either RECBC staff or the Council’s Education and Licensing Committee.

Experience and training in real estate should be fully disclosed and supported by appropriate documentation (e.g. original licensing histories, including any disciplinary action, transcripts, etc.) so that requests are thoroughly reviewed.

If you are requesting a waiver based on medical grounds, please provide a letter from your doctor that details the severity of your condition, the dates you have been under his/her care and the approximate date that you will be able to return to work.

If a request for an education waiver has been denied, the RECBC will provide the applicant with written notice and the reasons for it. It will not be reconsidered unless significant additional information is made available by the applicant.

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(b) Exemptions from the Real Estate Trading Services Licensing Course and Examination

Exemption from the Real Estate Trading Services Licensing Course and Examination (formerly the Salesperson’s Pre-Licensing Course and Examination) is available to:

1. Commerce Graduates from the University of British Columbia (UBC)

(a) UBC M.Sc. graduates with an Urban Land or Real Estate Major.

(b) Bachelor of Commerce graduates from UBC who have received credit for the following real estate courses:

307 – Urban Land Economics (now 307 – Real Estate Investment);

309 – Real Estate Finance (now 306 – Urban Land Economics);

434 – Land Law;

407 – Real Estate Valuation (now 405 – Real Estate Finance);

plus any one of the following three courses:

406 – Urban Land Policy (now 407 – Urban Public Economics);

408 – Real Estate Investment Analysis (now 408–Real Estate Development);

409 – Urban Growth and Structure (now 409 – City Growth and Structure).

2. UBC Diploma Program Students in Urban Land Economics

(a) Students who commenced the UBC Diploma Program in 1984 or later and who have completed the UBC Diploma Program in Urban Land Economics.

(b) Students who commenced the UBC Diploma Program in 1983 or earlier and who have completed the first three (3) years of the UBC Diploma Program in Urban Land Economics (including Real Estate Practice and Accounting in the case of 1973 to 1984 graduates).

3. Individuals Who Passed the Real Estate Trading Services Licensing Examination at UBC (formerly the Salesperson’s Pre-Licensing Examination)

(a) Individuals who have passed the Real Estate Trading Services Licensing Examination are not restricted in the issuance, surrender and reissuance of a representative’s licence during the first twelve (12) months after passing the Real Estate Trading Services Licensing Examination.

(b) Individuals who have passed the Real Estate Trading Services Licensing Examination and who became registered as a sub-mortgage broker may apply for licensing as a representative to provide trading services according to the time limits set out in the Representatives Education Re-qualification Date Policy.

(c) Individuals who have been previously licensed in BC and have become registered as a sub-mortgage broker within their re-qualification date and remain so registered.

(d) Individuals who have been previously licensed in BC who become registered as a sub-mortgage broker within their re-qualification date, have terminated their sub-mortgage broker registration and then make application for a representative’s licence within their re-qualification date.

(e) Individuals who have passed the Real Estate Trading Services Licensing Examination and for the entire unlicensed period of not more than five (5) years following the examination, they have been licensed in another jurisdiction in North America.

(f) Individuals previously licensed in BC and for the entire unlicensed period of not more than five (5) years following the surrender of their licence, they have been licensed in another jurisdiction in North America.

(g) An employee of the BCREA or one of its member real estate boards previously licensed as a representative who terminates their employment with the BCREA or member board, will not be required to re-qualify for licensing if, after leaving the BCREA or member board’s employ, they make application for re-licensing within the same re-qualifying period they were previously eligible to remain unlicensed for under RECBC’s Representative’s Education Re-qualification Policy.

Note: Re-qualification date is calculated using the Representatives Education Re-qualification Date Policy.

4. Graduates from UBC Broker’s Licensing Examination

Individuals who have passed the Broker’s Licensing Examination after:

(a) previously completing the Real Estate Trading Services Licensing examination, or

(b) previously being exempted from the requirement to complete the Real Estate Trading Services Licensing Course and examination and/or the Broker’s Licensing Course, and who apply to be licensed as a representative within five (5) years of passing the Broker’s Licensing Examination.

5. Real Estate Licensees from another Canadian Jurisdiction

Individuals who are currently licensed, qualified* to be licensed or have been unlicensed for less than one (1) year in another Canadian jurisdiction that has occupational standards. (Alberta, Saskatchewan, Manitoba, Ontario, Quebec, New Brunswick, Newfoundland & Labrador, Nova Scotia, Prince Edward Island and the Yukon Territory).

Note: Qualified* applicants from Canadian jurisdictions with occupational standards who have never been licensed must complete the applicable Trading Services Applied Practice Course as per the Council’s requirements for all first-time licensees.

* Individuals who have recently completed the required licensing education in their home jurisdiction and are currently eligible for licensing in that jurisdiction without any additional requirements.

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(c) Exemptions from the Real Estate Trading Services Licensing Course but NOT from the Examination

Exemption from the Real Estate Trading Services Licensing Course but not the Examination is available to:

1. Real Estate Licensees

(a) Individuals who previously completed the Real Estate Trading Services Licensing Course through the Real Estate Division at the Sauder School of Business at the University of British Columbia (UBC)

(b) Individuals who have held an active real estate licence in the United States or those Canadian jurisdictions without occupational standards (Northwest Territories and Nunavit) for not less than one (1) year during the three (3) years preceding application.

(c) Individuals who have held an active real estate licence in another Canadian jurisdiction with occupational standards (Alberta, Saskatchewan, Manitoba, Ontario, Quebec, New Brunswick, Newfoundland & Labrador, Nova Scotia, Prince Edward Island and the Yukon Territory) and are not currently qualified to be licensed in that other jurisdiction but have been licensed for not less than one (1) year during the three (3) years preceding application.

(d) Individuals previously licensed as an associate broker/managing broker licensed to provide to trading services in BC who have been unlicensed for more than five (5) years. (If unlicensed for less than five (5) years, they are exempted from the Real Estate Trading Services Licensing Course and Examination.)

(e) Individuals who passed the Real Estate Trading Services Licensing Examination and became registered as a sub-mortgage broker, and remained so, but did not make application for a representative’s licence licensed to provide trading services within the time permitted under the Representatives Education Re-qualification Date Policy.

(f) Individuals who have been previously licensed in BC who become registered as a sub-mortgage broker within their re-qualification date, have terminated their sub-mortgage broker registration and have gone past their re-qualification date.

Note: Re-qualification date is calculated using the Representatives Education Re-qualification Policy.

2. Commerce Graduates from the University of British Columbia (UBC)

Bachelor of Commerce graduates who have received credit for all three (3) of the following courses:

307 – Urban Land Economics (now 307 – Real Estate Investment);

309 – Real Estate Finance (now 306 – Urban Land Economics);

434 – Land Law.

3. University Graduates

Graduates of a recognized university other than UBC who, in the opinion of the Council, have received credit for a sufficient number of real estate courses.

4. British Columbia Lawyers

Individuals who have been awarded an LL.B. or J.D. (Juris Doctor) Degree by a British Columbia university or who are or were members of the Law Society of British Columbia.

5. UBC Diploma Program Students

(a) Students who commenced the UBC Diploma Program in 1984 or later and successfully completed the following courses (or equivalents):

111 – Real Property Law and Real Estate Ethics;

121 – Foundations of Real Estate Mathematics;

221 – Real Estate Finance in a Canadian Context;

330 – Foundations of Real Estate Appraisal.

(b) Students who commenced the UBC Diploma Program in 1983 or earlier and successfully completed the first two (2) years of the Diploma Program.

6. British Columbia Institute of Technology (BCIT)

Graduates of BCIT who have completed the Professional Real Estate Diploma (formerly the Professional Real Estate Option within Marketing Management Technology).

(a) During or before 1989 and subject to the graduate providing documentary evidence of eligibility for exemption.

(b) In 1990 and later years subject to:

(i) The periodic review and approval of course material by RECBC.

(ii) The Council’s continued satisfaction with the capacity of BCIT to deliver the real estate program and with the calibre of instructors in the Real Estate Option Program.

(iii) The Council having reviewed and approved the BCIT examinations in real estate subjects.

(iv) BCIT having provided documentary evidence of a graduate’s eligibility for exemption prior to registration for the examination.

7. Langara College

Graduates of Langara College who have completed the Real Estate Analysis Certificate Program, subject to:

(i) The periodic review and approval of the course material by the Council.

(ii) The Council’s continued satisfaction with the capacity of Langara College to deliver the trading services licensing educational program and with the calibre of instructors in the Real Estate Analysis educational programs.

(iii) Langara College having provided documentary evidence of a graduate’s eligibility for exemption prior to registration for the examination.

(iv) Pre-1999 graduates of Vancouver Community College or Langara College who have completed either the daytime or evening program in Realty Appraisal and Appraisal 420 or Real Estate Marketing 1420, or the Real Estate Studies Diploma.

(v) Pre-2007 graduate of Langara College Real Estate Analysis Certificate Program

OR

Individuals who have taken and successfully completed the following courses at Langara College after September 1, 2007, subject to periodic review:

PROP 1004 – Real Estate Law

PROP 1024 – Real Estate Mathematics

PROP 1023 – Real Estate Finance

PROP 1005 – Real Estate Appraisal

8. Okanagan University College (O.U.C.)

Individuals who have completed the Real Estate Marketing Course at O.U.C. will receive transfer credit towards the Langara College’s Property Management Certificate Program, subject to:

(i) The periodic review and approval of the course material by the Council.

(ii) The Council’s continued satisfaction with the capacity of O.U.C. to deliver the Real Estate Marketing Course and with the calibre of instructors in the course.

9. Vancouver Island University

Graduates from 1990 or later of Vancouver Island University who have completed the Finance Option of the Business Management Program, including Finance 322 (must receive at least a C+ grade) and Law 322, subject to:

(i) The periodic review and approval of the course material by the Council.

(ii) The Council’s continued satisfaction with the capacity of Vancouver Island University to deliver the trading services licensing educational program and with the calibre of instructors teaching the program.

(iii) Vancouver Island University having provided documentary evidence of a graduate’s eligibility for exemption prior to registration for the examination.

10. Camosun College

Graduates of Camosun College from 2002 or earlier who have completed the Finance Option in the Business Administration Program, including Business 260 or the Property Management Certificate Program, subject to:

(i) The periodic review and approval of the course material by the Council.

(ii) The Council’s continued satisfaction with the capacity of Camosun College to deliver the trading services licensing educational program and with the calibre of instructors teaching the program.

(iii) Camosun College having provided documentary evidence of a graduate’s eligibility for exemption prior to registration for the examination.

11. Institute of Real Estate Management (IREM)/Real Estate Institute of Canada (REIC)

Individuals who have successfully completed the Real Estate Institute of Canada Course to qualify for the F.R.I. or C.P.M. designation.

12. Royal Institution of Chartered Surveyors

Chartered members of the Royal Institution of Chartered Surveyors who hold the MRICS or FRICS designation.

13. UBC Mortgage Brokerage in BC Course or Mortgages: A Real Estate Financing Course

Individuals who wish to become licensed under the Real Estate Services Act to provide Trading, Rental
Property or Strata Management services who have passed the Mortgages: A Real Estate Financing course or Mortgage Brokerage in BC course and:

(a) have completed the course in the last year, or

(b) are currently registered as a sub-mortgage broker, or

(c) are not currently registered as a sub-mortgage broker but are within the time limits set out in the Representatives Education Requalification Date Policy, are required to complete the applicable supplemental course and supplemental examination.

Individuals who wish to become licensed under the Real Estate Services Act to provide Trading, Rental or Strata Management services who have passed the Mortgages: A Real Estate Financing course or Mortgage Brokerage in BC course and:

(a) have completed the course more than one(1) year ago, or

(b) are not currently registered as a sub-mortgage broker and are past the time limits set out in the Representatives Education Requalification Date Policy, are required to complete the applicable supplemental course and full licensing examination.

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(d) Exemptions from the Rental Property Management Licensing Course and Examination

Exemption from the Rental Property Management Licensing Course and Examination is available to:

1. Commerce graduates from the University of British Columbia (UBC)

(a) UBC M.Sc. graduates with a Real Estate and Urban Economics Land or Real Estate Major.

(b) Bachelor of Commerce graduates from UBC who have received credit for the following real estate courses:

307 – Urban Land Economics (now 307 – Real Estate Investment);

309 – Real Estate Finance (now 306 – Urban Land Economics);

407 – Real Estate Valuation (now 405 – Real Estate Finance);

434 – Land Law;

plus any one (1) of the following three (3) courses:

406 – Urban Land Policy (now 407 – Urban Public Economics);

408 – Real Estate Investment Analysis (now 408 – Real Estate Development);

409 – Urban Growth and Structure (now 409 – City Growth and Structure).

2. UBC Diploma Program Students in Urban Land Economics

(a) Students who commenced the UBC Diploma Program in 1984 or later and who have completed the UBC Diploma Program in Urban Land Economics in the Real Estate Management Option.

(b) Students who commenced the UBC Diploma Program in 1983 or earlier and who have completed the first three (3) years of the UBC Diploma Program in Urban Land Economics (including 1973 to 1984 graduates of Real Estate Practice and Accounting).

3. Persons who have passed the Rental Property Management Licensing Course and Examination at UBC

(a) Individuals who have passed the Rental Property Management Licensing Examination are not restricted in the issuance, surrender and reissuance of a representative’s licence to provide property management services during the first twelve (12) months after passing the Property Management Licensing Examination.

(b) Individuals who have passed the Rental Property Management Licensing Examination and for the entire unlicensed period of not more than five (5) years following the examination, they have been licensed in another jurisdiction in Canada or the United States.

(c) Individuals previously licensed in BC as a representative licensed to provide rental property management and for the entire unlicensed period of not more than five (5) years, they have been licensed in Canada or the United States.

(d) An employee of the BCREA or one of its member real estate boards previously licensed as a representative who terminates their employment with the BCREA or member board, will not be required to re-qualify for licensing if, after leaving the BCREA or member board’s employ, they make application for re-licensing within the same re-qualifying period they were previously eligible to remain unlicensed for under RECBC’s Representative’s Education Re-qualification Policy.

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(e) Exemptions from the Rental Property Management Licensing Course but NOT from the Examination

1. Real Estate Licensees

(a) Individuals who have previously completed the Rental Property Management Licensing Course through the Real Estate Division at the Sauder School of Business at the University of British Columbia (UBC)

(b) Individuals who were previously licensed as a representative licensed to provide rental property management services in BC.

(c) Individuals previously licensed as an associate/managing broker licensed to provide rental property management services in BC who have been unlicensed for more than five (5) years. (If unlicensed for less than five (5) years, they are exempted from the Rental Property Management Licensing Course and Examination).

2. Commerce Graduates from the University of British Columbia (UBC)

UBC Commerce graduates who have received credit for all three (3) of the following courses:

307 – Urban Land Economics (now 307 – Real Estate Investment)

309 – Real Estate Finance (now 306 – Urban Land Economics)

434 – Land Law

3. UBC Diploma Program Students

Students who commenced the Diploma Program in 1995 or later and who successfully completed the following courses (or equivalents):

111 – Real Property Law and Real Estate Ethics;

330 – Foundations of Real Estate Appraisal;

331 – Real Estate Investment Analysis and Advanced Income Appraisal;

441 – Property Management I.

4. British Columbia Institute of Technology (BCIT)

BCIT graduates from 1995 or later who completed the Professional Real Estate Diploma (formerly the Professional Real Estate Option within Marketing Management Technology), subject to:

(ii) The periodic review and approval of the course material by the Council.

(iii) The Council’s continued satisfaction with the capacity of BCIT to deliver the property management educational program and with the calibre of instructors teaching the program.

(iv) BCIT having provided documentary evidence of a graduate’s eligibility for exemption prior to registration for the examination.

5. Langara College

Graduates of Langara College’s Property Management Certificate Program from 2007 or earlier, subject to:

(i) The periodic review and approval of the course material by the Council

(ii) The Council’s continued satisfaction with the capacity of Langara College to deliver the property management educational program and with the calibre of instructors teaching the program.

(iii) Langara College having provided documentary evidence of a graduate’s eligibility for exemption prior to registration for the examination.

OR

Individuals who have taken and successfully completed the following courses at Langara College after September 1, 2007, subject to periodic review:

PROP 1004 – Real Estate Law

PROP 1005 – Real Estate Appraisal

PROP 1020 – Real Estate Investment Analysis

PROP 1001 – Property Management – Residential

6. Camosun College

Graduates from 1995 or later of Camosun College’s Property Management Certificate Program, subject to:

(i) The periodic review and approval of the course material by the Council.

(ii) The Council’s continued satisfaction with the capacity of Camosun College to deliver the property management educational program and with the calibre of instructors teaching the program.

(iii) Camosun College having provided documentary evidence of a graduate’s eligibility for exemption prior to registration for the examination.

7. Kwantlen University College

Students who successfully complete Kwantlen University College’s Property Management Diploma Program, effective September 2001, subject to:

(i) The periodic review and approval of the course material by the Council.

(ii) The Council’s continued satisfaction with the capacity of Kwantlen University College to deliver the Property Management Diploma Program and with the calibre of instructors teaching the program.

(iii) Kwantlen University College having provided documentary evidence of a graduate’s eligibility for exemption prior to registration for the examination.

8. Institute of Real Estate Management (IREM)/Real Estate Institute of Canada (REIC)

Individuals who have earned the C.P.M. designation.

9. Real Property Administrator

Individuals who have earned the R.P.A. designation.

10. UBC Mortgage Brokerage in BC Course or Mortgages: A Real Estate Financing Course

Individuals who wish to become licensed under the Real Estate Services Act to provide Trading, Rental
Property or Strata Management services who have passed the Mortgages: A Real Estate Financing course or Mortgage Brokerage in BC course and:

(a) have completed the course in the last year, or

(b) are currently registered as a sub-mortgage broker, or

(c) are not currently registered as a sub-mortgage broker but are within the time limits set out in the Representatives Education Requalification Date Policy,

are required to complete the applicable supplemental course and supplemental examination.

Individuals who wish to become licensed under the Real Estate Services Act to provide Trading, Rental or Strata Management services who have passed the Mortgages: A Real Estate Financing course or Mortgage Brokerage in BC course and:

(a) have completed the course more than one(1) year ago, or

(b) are not currently registered as a sub-mortgage broker and are past the time limits set out in the Representatives Education Requalification Date Policy, are required to complete the applicable supplemental course and full licensing examination.

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(f) Exemptions from the Strata Management Licensing Course and Examination

Exemption from the Strata Management Licensing Course and Examination is available to:

1. Persons who have passed the Strata Management Licensing Course and Examination at UBC

(a) Individuals who have passed the Strata Management Licensing Examination are not restricted in the issuance, surrender and reissuance of a representative’s licence to provide strata management services during the first twelve (12) months after passing the Strata Management Licensing Examination.

(b) An employee of the BCREA or one of its member real estate boards previously licensed as a representative who terminates their employment with the BCREA or member board, will not be required to re-qualify for licensing if, after leaving the BCREA or member board’s employ, they make application for re-licensing within the same re-qualifying period they were previously eligible to remain unlicensed for under RECBC’s Representative’s Education Re-qualification Policy.

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(g) Exemptions from the Strata Management Licensing Course but NOT from the Examination

1. Real Estate Licensees

a. Individuals who have previously completed the Strata Management Licensing Course through the Real Estate Division at the Sauder School of Business at the University of British Columbia (UBC).

b. Individuals who were previously licensed as a representative licensed to provide strata management services in BC.

c. Individuals previously licensed as an associate/managing broker licensed to provide strata management services in BC who have been unlicensed for more than five (5) years. (If unlicensed for less than five (5) years, they are exempted from the Strata Management Licensing Course and Examination).

2. British Columbia Institute of Technology (BCIT)

BCIT graduates from September 1, 2008 or later who completed the Professional Real Estate Diploma (formerly the Professional Real Estate Option within Marketing Management Technology), subject to:

(i) The periodic review and approval of the course material by the Council.

(ii) The Council’s continued satisfaction with the capacity of BCIT to deliver the property management educational program and with the calibre of instructors teaching the program.

(iii) BCIT having provided documentary evidence of a graduate’s eligibility for exemption prior to registration for the examination.

3. UBC Mortgage Brokerage in BC Course or Mortgages: A Real Estate Financing Course

Individuals who wish to become licensed under the Real Estate Services Act to provide Trading, Rental
Property or Strata Management services who have passed the Mortgages: A Real Estate Financing course or Mortgage Brokerage in BC course and:

(a) have completed the course in the last year, or

(b) are currently registered as a sub-mortgage broker, or

(c) are not currently registered as a sub-mortgage broker but are within the time limits set out in the Representatives Education Requalification Date Policy,

are required to complete the applicable supplemental course and supplemental examination.

Individuals who wish to become licensed under the Real Estate Services Act to provide Trading, Rental or Strata Management services who have passed the Mortgages: A Real Estate Financing course or Mortgage Brokerage in BC course and:

(a) have completed the course more than one(1) year ago, or

(b) are not currently registered as a sub-mortgage broker and are past the time limits set out in the Representatives Education Requalification Date Policy, are required to complete the applicable supplemental course and full licensing examination.

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(h) Exemptions from the Language Proficiency Index Requirement

All Real Estate Trading Services, Rental Property Management and Strata Management Licensing Courses students will be required to satisfy the Language Proficiency Requirement before they can register for an examination.

Exemption from the Language Proficiency Index requirement is available to applicants who:

1. Have graduated from an English language high school in Canada or the United States (see note 1);

OR

2. For Quebec residents, have completed four (4) courses in English as a First Language at a Collèges d’enseignement général et professionnel if a program was completed after 1996. Prior to 1996, two (2) courses are acceptable. A high school diploma completed prior to the 1977 Charter of the French Language verifying the school was English speaking is also acceptable.

OR

3. Have obtained their high school equivalency in a school/institution at which English is recognized as the primary language of instruction. (This would include successful completion of General Education Diploma (GED) or successful completion of Advanced “A” level examinations of English in the United Kingdom.)

4. Have graduated from a recognized degree (see note 2) program at an accredited (see note 3) university, college or technical institute at which English is the primary language of instruction, specifically American Samoa, Anguilla, Antigua & Barbuda, Australia, Bahamas, Barbados, Bermuda, Belize (formerly Br. Honduras), Botswana, British Virgin Islands, Canada, Cayman Islands, Dominica, England, Falkland Islands, Fiji, Ghana, Gibraltar, Grenada, Guam, Guyana, Ireland, Jamaica, Kenya, Lesotho, Malta, Mauritius, Montserrat, New Zealand, Nigeria, Northern Island, Pacific Islands (including Fiji), Ryukyu Islands, Seychelles, Singapore, South Africa, St. Helena, St. Kitts & Nevis, St. Lucia, St. Vincent & the Grenadines, Scotland, Trinidad & Tobago, Tanzania, Turks & Caicos Islands, Uganda, United Kingdom, USA, US Virgin Islands, Wales, Zambia or Zimbabwe. (see note 4 and 5); (List subject to change.)

OR

5. Have successfully completed a three credit course in English composition or English literature at an accredited university, college or technical institute at which English is the primary language of instruction, specifically American Samoa, Anguilla, Antigua & Barbuda, Australia, Bahamas, Barbados, Bermuda, Belize (formerly Br. Honduras), Botswana, British Virgin Islands, Canada, Cayman Islands, Dominica, England, Falkland Islands, Fiji, Ghana, Gibraltar, Grenada, Guam, Guyana, Ireland, Jamaica, Kenya, Lesotho, Malta, Mauritius, Montserrat, New Zealand, Nigeria, Northern Island, Pacific Islands (including Fiji), Ryukyu Islands, Seychelles, Singapore, South Africa, St. Helena, St. Kitts & Nevis, St. Lucia, St. Vincent & the Grenadines, Scotland, Trinidad & Tobago, Tanzania, Turks & Caicos Islands, Uganda, United Kingdom, USA, US Virgin Islands, Wales, Zambia or Zimbabwe. (see note 4 & 5) (List subject to change.)

6. Have previously completed the Real Estate Trading Services Licensing Course and/or Examination, the Rental Property Management Licensing Course and/or Examination or the Strata Management Licensing Course and/or Examination.

7. Have completed the requirements for the Certified General Accountant designation, including the course Business Writing Skills or equivalent. Please provide a transcript as proof of completion.

8. Who are currently licensed, qualified to be licensed or who have been unlicensed for less than one (1) year in another Canadian jurisdiction and have satisfied that jurisdiction’s language requirements or have held an active real estate licence in the United States for not less than one (1) year during the three (3) years preceding the date of the application.

9. Have completed the requirements for the Certified Management Accountants (CMA) designation.

*Notes Providing Additional Information on the Language Proficiency Requirement

1) The easiest and most efficient way to satisfy the language proficiency requirement is to provide a high school transcript. Information on how to obtain your high school transcript can be found at: www.sauder.ubc.ca/Programs/Real_Estate_Division/Licensing_Courses/Overview/LPI/LPI_Exemption_-_High_School_Graduation_or_Equivalency.

2) A Diploma or Certificate from a technical institute or College is not considered equivalent to a degree. Individuals who entered College or Technical school with a high school diploma should present their high school diploma to satisfy the requirement. Individuals who completed an English language or literature course as detailed in 2(b) may satisfy the requirement by providing their college or technical institute transcript.

3) The position of the BC Council on Admissions & Transfer on accreditation is that “inclusion in the BC Transfer System as an institutional member signifies that the institution has met quality assurance criteria equivalent to that employed in post-secondary accreditation processes used in developed countries, such as the system of regional accrediting agencies in the United States.” Please see www.bccat.ca/system/psec for further details.

4) International students are advised to write the LPI examination. However, an International Credential Evaluation Service (ICES) evaluation report, including language of instruction, is required from applicants whose degrees are from a country other than those listed in 2(a) and (b) above. ICES evaluation reports should be sent directly to the Real Estate Division at the Sauder School of Business at the University of British Columbia. See the ICES website www.bcit.ca/ices for further details. The report must state clearly English as the only language of instruction and the degree must be found to be equivalent to a degree in BC or Canada.

5) Applicants may choose to write the LPI examination instead of obtaining an ICES evaluation report. See the LPI website at www.lpitest.ca for further details.

6) Exemptions based on experience will not be considered.

7) Courses provided in a language other than English, or in an English as a Second Language (ESL) or equivalent setting, do not satisfy the credit course exemption requirement.

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(i) Exemptions from the Residential or Commercial Trading Services Applied Practice Course

Exemption from the Residential or Commercial Trading Services Applied Practice Course requirement is available to:

1. First time representative licence applicants who have previously completed the Residential or Commercial Trading Services Applied Practice Course within two (2) years of the date of licence application.

2. Licence applicants who reinstate their licence within their re-qualification date (i.e. do not have to rewrite the Real Estate Trading Services Licensing Examination), and who have completed the Residential or Commercial Trading Services Applied Practice Course.

3. Licence applicants who reinstate their licence after rewriting the Real Estate Trading Services Licensing Examination and who have completed the Residential or Commercial Trading Services Applied Course within two (2) years of the date of licence re-qualification.

4. Licensees who are licensed as Representatives Licensed to Provide Rental or Strata Property Management services.

5. Individuals who have completed all articling or other post-licensing requirements and who are currently licensed, qualified to be licensed or who have been unlicensed for less than one (1) year in another Canadian jurisdiction.

(j) Exemption from the Residential or Commercial Trading Services Applied Practice Course but Required to Complete the Accelerated Version of the Residential Trading Services Applied Practice Course

Note:The accelerated course includes Unit 1 – Agency Disclosure and the Code of Ethics; Unit 3 – Listing Appointment; Unit 4 – Listing Documentation; Units 7 & 8 – Contract of Purchase and Sale; Unit 9 – Offer and Completion; and Unit 10 – Legal and Ethical Issues.

1. Individuals who have not completed the Residential or Commercial Trading Services Applied Course within the past two (2) years.

2. Individuals who have held an active real estate licence in the United States for not less than one (1) year during the three (3) years preceding the date of the application.

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(k) Exemptions from the Broker’s Licensing Course and Examination

Exemption from the Broker’s Licensing Course and Examination is available to:

1. Commerce Graduates from the University of British Columbia (UBC)

(a) Individuals with a M.Sc. Degree from UBC with an Urban Land or Real Estate Major.

(b) UBC Commerce graduates who have received credit for the following real estate courses:

307 – Urban Land Economics (now 307 – Real Estate Investment);

309 – Real Estate Finance (now 306 – Urban Land Economics);

434 – Land Law;

407 – Real Estate Valuation (now 405 – Real Estate Finance);

plus any one (1) of the following three courses:

406 – Urban Land Policy (now 407 – Urban Public Economics);

408 – Real Estate Investment Analysis (now 408 – Real Estate Development);

409 – Urban Growth and Structure (409 – City Growth and Structure).

2. UBC Diploma Program in Urban Land Economics

(a) Students who commenced the UBC Diploma Program in 1984 or later and who have completed the UBC Diploma Program in Urban Land Economics.

(b) Students who commenced the Program in 1983 or earlier and who have completed the first three (3) years of the program (including Real Estate Practice and Accounting in the case of 1973 to 1984 graduates).

3. Persons Who Passed the Broker’s Licensing Course and Examination

Individuals who have passed the Broker’s Examination no longer than five (5) years before the date of application.

4. Real Estate Licensees from another Canadian Jurisdiction

Associate or Managing Brokers from other Canadian jurisdictions who are currently licensed, qualified* to be licensed or who have been unlicensed for less than one (1) year in another Canadian jurisdiction are eligible for licensing as an associate/managing broker licensed to provide trading services in BC. Those individuals who wish to obtain an associate broker/managing broker licence to provide trading services, rental property management services and/or strata management services would also be required to complete the Rental Property Management Supplemental Course and Examination and/or the Strata Management Supplemental Course and Examination.

* Individuals who have recently completed the required licensing education in their home jurisdiction and are currently eligible for licensing in that jurisdiction without any additional requirements.

5. Employees of BCREA or its member real estate boards previously licensed as Managing Broker or Associate Broker

An employee of the BCREA or one of its member real estate boards previously licensed as a managing broker or associate broker who terminates their employment with the BCREA or member board, will not be required to re-qualify for licensing if, after leaving the BCREA or member board’s employ, they make application for re-licensing within five (5) years of their date of termination.

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(l) Exemptions from the Broker’s Licensing Course but NOT from the Examination

Exemption from the Broker’s Licensing Course but not the Examination is available to:

1. Real Estate Licensees

(a) Individuals previously licensed as brokers in BC who have been unlicensed for a period exceeding five (5) years.

(b) Brokers from the United States who meet the experience requirement for licensing as an associate broker or managing broker in BC are required to complete the Broker’s Licensing Examination in order to be eligible for licensing as an associate/managing broker licensed to provide trading services in BC. Those individuals who wish to obtain an associate broker/managing broker licence to provide trading services, rental property management services and/or strata management services would also be required to complete the Rental Property Management Supplemental Course and Examination and/or the Strata Management Supplemental Course and Examination.

2. Commerce Graduates from the University of British Columbia (UBC)

Bachelor of Commerce graduates who have received credit for all three (3) of the following courses:

307 – Urban Land Economics (now 307 – Real Estate Investment);

309 – Real Estate Finance (now 306 – Urban Land Economics);

434 – Land Law.

3. University Graduates

Graduates of a recognized university who, in the opinion of the Council, have received credit for a sufficient number of real estate courses.

4. UBC Diploma Program Students

(a) Students who commenced the UBC Diploma Program in 1984 or later and successfully completed the following courses (or equivalents):

111 – Real Property Law and Real Estate Ethics;

121 – Foundations of Real Estate Mathematics;

221 – Real Estate Finance in a Canadian Context;

330 – Foundations of Real Estate Appraisal;

331 – Real Estate Investment Analysis and Advanced Income Appraisal;

441 – Property Management I.

(b) Students who commenced the UBC Diploma Program in 1983 or earlier and successfully completed the first two (2) years of the Diploma Program.

5. British Columbia Institute of Technology (BCIT)

(a) BCIT graduates from 1982 or later who completed the Professional Real Estate Diploma (formerly the Professional Real Estate Option within Marketing Management Technology) and who have already passed the Real Estate Trading Services Examination, subject to:

(i) The periodic review and approval of course material by the Council.

(ii) The Council’s continued satisfaction with the capacity of BCIT to deliver the real estate educational program and with the calibre of instructors in the Real Estate Option Program.

(iii) The Council’s review and approval of the BCIT examinations in real estate subjects.

(iv) The graduate providing documentary evidence of eligibility for exemption.

(b) Pre-1982 graduates of BCIT who completed the Real Estate Studies Program within the Marketing Management Technology and who later successfully completed all four of the following real estate courses at BCIT:

· Economics of Real Property Markets: BCIT 312 (formerly 20.351);

· Introduction to Real Estate Analysis: BCIT 313 (formerly 20.353);

· Real Estate Appraisal and Investment Analysis: BCIT 412 (formerly 20.451);

· Mortgage Finance: BCIT 413 (formerly 20.454).

6. Langara College

Individuals who have taken and successfully completed the following courses at Langara College after September 1, 2007, subject to periodic review:

PROP 1004 – Real Estate Law

PROP 1024 – Real Estate Mathematics

PROP 1023 – Real Estate Finance

PROP 1005 – Real Estate Appraisal

PROP 1020 – Real Estate Investment Analysis

PROP 1001 – Property Management – Residential

7. Institute of Real Estate Management (IREM)/Real Estate Institute of Canada (REIC)

Individuals who have successfully completed the Real Estate Institute of Canada Course to qualify for the F.R.I. or C.P.M. designation.

8. Royal Institution of Chartered Surveyors

Chartered members of the Royal Institution of Chartered Surveyors who hold the MRICS or FRICS designation.

 

2. Council Guidelines

(a) Licensing Course Providers

The Council has delegated the administration of the licensing courses to the Real Estate Division at the Sauder School of Business at the University of British Columbia. The Real Estate Division is committed to ensuring that all students, staff and visitors are able to study and work in an environment of tolerance and mutual respect that is free from harassment and discrimination.

The Real Estate Division’s goal is to ensure fair and consistent treatment of all students, including students with a disability, in accordance with their distinct needs and in a manner consistent with academic principles.

Services are available through the UBC Disability Resource Centre, and candidates who have physical, sensory or specific learning disabilities are encouraged to contact the UBC Real Estate Division to make appropriate arrangements.

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(b) Examination Results

Results are not released other than in writing. Candidates will be advised in writing by regular mail and by no other means.

(c) Examination Rewrites

Candidates applying to rewrite examinations are allowed to do so on the scheduled dates or at the Computerized Examination Centre at the UBC Real Estate Division. No special examinations are provided.

(d) Applied Practice Courses

Applicants applying for a representative licence are required to register in the Residential or Commercial Applied Practice Course prior to making application for licensing. Once licensed, individuals have six (6) months to complete the course.

(e) Applying for Licensing

Applicants for a representative licence must apply for licensing within one (1) year from the date a licensing examination is passed. Completion of a supplemental course and examination will not extend the length of time an applicant is permitted to apply for licensing.

(f) Applying for a Representative Licence to Provide Trading Services, Rental Property Management Services or Strata Management Services

Individuals who hold a representative’s licence to provide trading services, rental property management services or strata management services and pass a supplemental examination are eligible to upgrade their licence in the appropriate licensing category at any time, should they remain licensed.

Individuals who were previously licensed and passed a supplemental examination and whose re-qualification date has not passed, are eligible to apply for a representative’s licence to provide trading services, rental property management services or strata management services. (NOTE: Those individuals who previously held a representative’s licence to provide rental property management services or strata management services would be required to complete the Residential or Commercial Trading Services Applied Practice Course should they upgrade their licence to provide trading services.)

Individuals who were previously licensed and whose re-qualification date has passed, will be required to pass both a full licensing examination and a supplemental course and examination in order to re-qualify for a representative’s licence to provide trading services, rental property management services or strata management services.

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(g) Representative’s Education Re-qualification Policy

1. Application for Reinstatement within Licensing Period

Section 2-9 [education re-qualification on reinstatement] of the Council Rules applies to a representative licence that has become inoperative under section 22(1) [person ceases to be engaged by brokerage] of the Act, been suspended under section 116(4) [person fails to provide required security] of the Act, or been voluntarily surrendered to the Council.

In order to have the licence reinstated, an applicant who has less than 5 years of continuous licensing at some time before the licence became inoperative, was suspended or was surrendered must meet the requirements of section 2-8(1)(b) [pre-licensing examinations] and section 2-8(2) [applied practice course] of the Council Rules.

However, section 2-7(3) [waiver of educational requirements] of the Council Rules states that the Council may waive, on the basis of an applicant’s previous knowledge or training, some or all of the requirements in relation to a course, a corresponding examination, or a course and its corresponding examination.

2. Application for Re-Licensing Outside of Licensing Period

An applicant for a new representative licence who has previously been licensed as a representative is required to meet the requirements of section 2-8(1)(b) [pre-licensing examinations] and section 2-8(2) [applied practice course] of the Council Rules.

However, section 2-7(3) [waiver of educational requirements] of the Council Rules states that the Council may waive, on the basis of an applicant’s previous knowledge or training, some or all of the requirements in relation to a course, a corresponding examination, or a course and its corresponding examination.

3. Policy Respecting Waiver of Educational Requirements

An applicant for reinstatement or re-licensing who has been previously licensed will not be required to complete the applicable pre-licensing course, but may have to rewrite the applicable licensing examination or retake the applicable applied practice course.

The Council will waive the requirements in relation to a course or an examination in the following circumstances:

Representatives with continuous (unbroken*) licensed service in British Columbia of: Will not be required to re-qualify for licensing by rewriting either the Real Estate Trading Services Licensing Examination or Rental Property Management Licensing Examination or Strata Managing Licensing Examination and retaking the applicable Applied Practice Course if they have been unlicensed for less than:
Less than 1 year a period equivalent to their unbroken licensed period **
1 year but less than 5 years 1 year
5 years but less than 10 years 2 years
10 years but less than 15 years 3 years
15 years but less than 20 years 4 years
20 years and over 5 years

* “Unbroken” is defined as not having been unlicensed for a period of thirty (30) days or less. In calculating continuous unbroken service, registration under the Mortgage Brokers Act will be included. Any period of parental leave, as approved by the Council, will not affect your licensing history.

** An applicant is not required to re-qualify during the first twelve (12) months after passing the applicable pre-licensing examination.

Requests for extensions of up to one (1) year to an individual’s re-qualification date will be considered by Council staff. Extensions based on medical grounds must be supported by a medical certificate.

Individuals who go beyond their re-qualification date are required to re-qualify for licensing by re-writing the appropriate examination and completing the applicable applied practice course.

If, after reviewing the policy, you are unsure of how it applies in your own case, please provide a written request to the Council for that information. Only written inquiries will obtain a response.

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(h) Parental Leave

Real estate representatives who surrender their licences for the birth or adoption of a child are not required to re-qualify for licensing by rewriting the Real Estate Trading Services, Rental Property Management or Strata Management Licensing Examination if licence application is made within one (1) year of when the parental leave began.

Parental leave is available to either parent of the child and may be taken at any time up to one (1) year following the birth or adoption of the child.

Parental leave will show as a break in a representative’s licensing history but will not be considered a break for the purposes of calculating continuous unbroken service under the Council’s Representative Education Re-qualification Policy.

Licensees who wish to take parental leave must apply in writing, at the same time enclosing a copy of the child’s birth certificate or proof and/or verification of adoption.

(i) Broker’s Education Re-qualification Policy for Relicensing as a Managing Broker or Associate Broker

An applicant for a new managing broker’s or associate broker’s licence, who has been previously licensed as a managing broker or associate broker, is required to meet the requirements of section 2-8(4) [educational requirements for managing broker and associate brokers] of the Council Rules. However, section 2-7(3) [waiver of educational requirements] of the Council Rules states that the Council may waive, on the basis of the applicant’s previous knowledge or training, some or all of the requirements in relation to a course, a corresponding examination, or a course and its corresponding examination.

The Council will waive the requirements in relation to a course or examination if the applicant has been unlicensed for less than five (5) years immediately preceding the date of application. An applicant who has been unlicensed for five (5) or more years immediately preceding the date of application will be required to successfully  complete the Broker’s Licensing Course Examination.

Note: An applicant who wishes to become licensed for more than one service category will be required to complete the applicable supplemental examination(s).

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(j) Broker’s Education Re-qualification Policy for Relicensing as a Representative

An applicant for new representative licence who has been previously licensed as a managing broker or associate broker and has been unlicensed for five (5) or more years immediately preceding the date of application is required to meet the requirements of section 2-8(1)(b) [licensing courses] and section 2-8(2) [applied practice course] of the Council Rules. However, section 2-7(3) [waiver of educational requirements] of the Council Rules states that the Council may waive, on the basis of the applicant’s previous knowledge or training, some or all of the requirements in relation to a course, a corresponding examination, or a course and its corresponding examination.

The Council will waive the requirements in relation to a course or examination if the applicant has been unlicensed for less than five (5) years immediately preceding the date of application. An applicant who has been unlicensed for five (5) or more years immediately preceding the date of application will be required to either successfully pass the Real Estate Trading Services Licensing Examination or the Rental Property Management Licensing Examination in order to re-qualify for licensing as a representative.

In the case of an applicant who rewrites the Real Estate Trading Services Licensing Examination, completion of the Residential or Commercial Trading Services Applied Practice Course will be waived if the applicant has previously completed the applied course within two (2) years of the date of relicensing. Applicants who have not completed the Residential or Commercial Trading Services Applied Practice Course within the two (2) years preceding the date of relicensing will be required to take the Accelerated Residential or Commercial Trading Services Applied Practice Course.

(k) Remedial Courses (section 43-2(f) of the Real Estate Services Act)

The course of studies or training prescribed by the Council pursuant to section 43-2(f) of the Real Estate Services Act may be selected from existing licensing course material, from existing continuing professional education courses, or from such other sources as determined by a Consent Order Review Committee or a Discipline Hearing Committee.

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(l) Broker’s Licensing Requirements

Individuals must meet both an EDUCATION and an EXPERIENCE requirement in order to be eligible to apply for an associate broker’s/managing broker’s licence.

Education:

1) Completion of the Broker’s Licensing Course will satisfy the education requirement for:

(a) Licensing as an associate broker/managing broker licensed to provide trading services

(b) Licensing as an associate broker/managing broker licensed to provide rental property management services

(c) Licensing as an associate broker/managing broker licensed to provide strata management services

Individuals may be licensed at the broker level for a single service licence category or a combination of service categories (e.g.: trading and/or rental and/or strata management services). When upgrading to the broker level, an individual will continue to be licensed in the same categories that they were licensed for as a representative. Should an individual wish to add service categories to their licence, the appropriate Supplemental Course(s) must be completed.

Note: Representatives and associate brokers licensed to provide rental property management services only, strata management services only, or rental and strata management services only are not required to complete the Residential Trading Services Applied Practice Course in order to become licensed as a managing broker licensed to provide any of these services.

Experience

Registration in the Broker’s Licensing Course is limited to individuals who:

(a) have completed the Real Estate Trading Services Licensing Course, Rental Property Management Licensing Course or Strata Management Licensing Course and Examination or equivalent; and been licensed for not less than six (6) months in BC at the time of course commencement, and

(b) completed the Residential or Commercial Trading Services Applied Practice Course, where applicable.

2. The experience requirement for licensing for managing brokers and associate brokers is contained in section 2-10 of the Council Rules.

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II. Licensing Guidelines for Individuals

1. Licensing Requirements

(a) Reinstatement of Licence (Transfer) (inoperative LESS THAN 90 days within a licence period)

Individuals who are currently licensed and who wish to change employing brokerages or have been unlicensed for less than 90 days within a licence period must:

1. Submit an Application for Representative, Associate Broker or Managing Broker Licence form.

2. Submit the appropriate fee.

3. If currently licensed, arrange for the return of existing licence certificate signed off by the previous brokerage with which they were engaged, stating the date of termination and the reason for leaving.

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(b) Reinstatement of Licence (inoperative MORE THAN 90 days within a licence period)

Individuals who have been unlicensed for more than 90 days within a licence period must:

1. Submit an Application for Representative, Associate Broker or Managing Broker Licence form.

2. Submit the appropriate fee.

3. Submit an original criminal record check from the applicants local police agency and submit it along with the licence application to the Council. Click here for detailed information.

4. An additional errors and omissions insurance assessment may be required if a refund of the insurance assessment has been made.

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(c) Re-licensing Applicant (after previous licence has expired)

If you are unsure as to whether you are still within your licence requalification period, you may request this information from the Council. Click here to submit a request.

Individuals whose licence period has expired must:

1. Submit an Application for Representative, Associate Broker or Managing Broker Licence form

2. Submit the appropriate fee.

3. Submit an original criminal record check from the applicants local police agency and submit it along with the licence application to the Council. Click here for detailed information.

4. Licence fee, the insurance assessment, and the Real Estate Compensation Fund assessment are for a two-year period on an anniversary date basis.

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(d) Change of Licence Level or Category

Individuals holding a current licence who seek to change their level or category of licence during the current licence period (e.g. representative to associate broker; or representative or associate broker licensed to provide trading services to representative or associate broker licensed to provide trading services and rental property management services), must:

1. Submit an Application for Representative, Associate Broker or Managing Broker Licence form.

2. Submit the appropriate fee.

3. Arrange for the return of licence with an appropriate notation on the reverse side.

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(e) Name Change

If a licensee changes his/her legal name, the following procedures must be completed:

1. Please provide a letter stating the change requested and the effective date of the change, accompanied by the fee referred to below.

2. Enclose a copy of Change of Name Certificate, Marriage Licence, or Birth Certificate, as applicable.

3. Submit the appropriate fee.

4. Arrange for the return of the existing licence certificate for amendment.

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(f) Renewal of Licence

All renewal applications are computer generated and will be sent to the licensee’s brokerage, to the attention of the managing broker, approximately six weeks prior to the licence expiry date. Licensees are required to complete and return the form to the Council office 30 days prior to licence expiry, pursuant to section 2-13(2) of the Council Rules.

It is the licensee’s responsibility to ensure that he/she is properly licensed. Failure to receive a renewal notice does not diminish this responsibility.

Click here for appropriate licence renewal fees.

The renewal of a multiple managing broker’s licence does not require an errors and omissions insurance premium.

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(g) Surrender of Licence

Arrange for the return of the licence certificate to the Council’s office with the reverse side completed by an authorized signatory of the employing brokerage (e.g. managing broker, director, officer, or partner) stating the date of surrender and the reason for leaving. Licensees surrender their licence should request in writing from the Council their education re-qualification date (based on their continuous licensing history) in order to avoid having to requalify for licensing by rewriting the applicable licensing examination. (See Representative’s Education Re-qualification Policy)

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2. Council Guidelines

(a) Licensee Names for Representative, Associate Broker or Managing Broker

Representatives, associate brokers, or managing brokers are permitted to use a name other than their legal name provided that the Council has approved the name (see Licensee Names for further information).

(b) Application for Pre-Screening

Successful completion of a Licensing Course and examination is not the sole requirement for licensing. The Real Estate Services Act, Regulations and Rules also stipulate that applicants for a licence shall “be of good reputation”. For this reason, applicants are investigated. The investigation process can take up to eight to ten weeks.

Individuals who have some concern about whether or not they satisfy the requirements of being of “good reputation” should, prior to registering for a Licensing Course, submit an Application for Pre-Screening form together with the fee of $100 to the Council office. An advance decision may thus be obtained as to the applicant’s suitability for licensing subject, of course, to passing the course and examination.

In the event that an applicant is found not to be suitable for licensing, the pre-screening fee of $100 is fully refunded.

If the applicant is found to be suitable for licensing but does not proceed with an application for licensing, a refund in the amount of $75 is available.

If the applicant is found suitable for licensing and applies for a licence, the balance of the fee would be required prior to licensing.

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(c) “Good Reputation” – Guidelines

Section 10(a) [qualifications for obtaining a licence] of the Real Estate Services Act states that every applicant for a licence shall, among other things, be of “good reputation”. General business and personal reputation, in addition to criminal convictions and charges under the Criminal Code of Canada, and contraventions of Federal Statutes such as Income Tax Act, or Provincial Statutes such as the Real Estate Services Act, Securities Act, Insurance Act, or Mortgage Broker’s Act, or whether an applicant has been disciplined by a professional body will be reviewed when considering an applicant’s “good reputation”.

The Council does not consider that personal bankruptcy necessarily reflects adversely on an applicant’s “good reputation” and accordingly, unless there is some evidence of other conduct which might render an applicant unfit, the Council will licence applicants as a representative or associate broker despite personal bankruptcy. Upon submission of an application for licence, the Council will require as an exhibit, a copy of the individual’s “secured and unsecured creditors” or a copy of his/her discharge from bankruptcy.

With respect to an individual applying for licensing as a managing broker, section 7-4 [other trust account requirements] of the Council Rules requires at least one related managing broker must be a signing authority on each trust account maintained by a brokerage. As a result, the Council performs a credit check with the appropriate credit bureau to ascertain whether an applicant is in “sound financial circumstances”.

If the credit report indicates that the applicant:

1. is an undischarged bankrupt;

2. has outstanding judgments against him/her; or

3. is in arrears on trade accounts

the managing broker/sole proprietor applicant will not be licensed.

It is standard procedure to require an original criminal record check in order to determine if the applicant has engaged in unlawful activities. It is incumbent upon applicants to ensure that all charges and convictions, including conditional discharges, are disclosed when applying for a licence. A criminal conviction will not necessarily be a bar to registration. Consideration is given as to the nature of the offence, the age of the applicant at the time the offence was committed, the length of the sentence, and whether the offence is related to the employment of the applicant as a representative, associate broker or managing broker. A continued history of convictions, charges, or other actions relating to the unlawful activity may result in the denial of a licence.

Section 10(d) of the Real Estate Services Act states that an applicant for a new licence or licence renewal must satisfy the Council that they meet the following applicable requirements:

(d) in all cases, the applicant has not

(i) been refused a licence under real estate, insurance, mortgage broker or securities legislation in British Columbia or another jurisdiction,

(ii) held a licence that was suspended or cancelled under real estate, insurance, mortgage broker, or securities legislation in British Columbia or another jurisdiction,

(iii) been disciplined by a professional body, or

(iv) been convicted of an offence

for a reason that reveals the applicant as unfit to be a licensee.

Factors that the Council will take into consideration to determine whether the applicant is unfit to be a licensee include:

1. Whether the conduct for which the applicant was disciplined or refused a licence in (i), (ii) or (iii) involved dishonesty, fraud, misappropriation or wrongful taking of funds, deceptive dealing, or any other conduct resulting in harm to the public.

2. Whether the offence the applicant was convicted of in (iv) relates to crimes of moral turpitude, crimes involving violence, or any other crime that could pose a risk to the public in a real estate transaction or bring the reputation of the profession into disrepute.

The Council may delay the consideration of applications from applicants with criminal convictions that render them unfit for licensing up to the following periods that have passed after convictions:

1. Summary Conviction Offences

For example – fraud under $5,000, theft under $5,000 (shoplifting), false pretenses under $5,000, possession of stolen property under $5,000.

The Council may not consider an application for a period of up to two years following completion of sentence parole and/or probation. These would include offences for which the applicant had received a fine, a suspended sentence and probation or a conditional discharge and probation.

2. Indictable Offences

For example, indictable offences such as possession of drugs for the purpose of trafficking, cultivation or manufacturing of drugs.

The Council may not consider applications from applicants for a period of up to three years following completion of sentence, parole and/or probation. These would include indictable offences for which the applicant received a sentence of imprisonment, a fine, a suspended sentence and probation, or a conditional discharge and probation.

For example serious indictable offences such as robbery, theft over $5,000, breaking and entering, possession of stolen property over $5,000, false pretences over $5,000, trafficking in drugs, conspiracy to traffic in drugs, serious sex offences.

The Council may not consider applications from applicants for a period of up to five years from the date of completion of sentence, parole and/or probation. These would include indictable offences, for which the applicant received a sentence of imprisonment, a fine, a suspended sentence and probation, or a conditional discharge and probation.

3. White Collar Crime

The crimes in this category include theft from employer, theft of large sums of money, serious fraud cases, embezzlement, criminal breach of trust, forgery, or any other business related crime, or a conviction for a crime where he or she was in a position of trust.

The Council may not consider applications from applicants for a period of up to seven years from the date of completion of sentence, parole and/or probation. These would include both summary and indictable offences for which the applicant received a sentence of imprisonment, a fine, a suspended sentence and probation, or a conditional discharge and probation.

Waiting Period Factors

Factors that the Council may consider in determining whether an applicant will be required to wait a time period for the offences referred to above are as follows:

(a) Does the behaviour for which the charge is laid, if repeated pose any threat to the brokerage’s ability to carry on its business safely and efficiently?

(b) What were the circumstances of the charge and the particulars of the offence involved, e.g. how old was the applicant when the events in question occurred and were there any extenuating circumstances?

(c) How much time has elapsed between the charge and the application for licensing?

(d) What has the applicant done during that period of time?

(e) Has the applicant shown any tendencies to repeat the kind of behaviour for which he/she was charged?

(f) Has the applicant shown a firm intention to rehabilitate him/herself?

4. Older and Lengthy Criminal Records

The crimes in this category are older and do not come within the above-mentioned guidelines. The following criteria may be considered in determining whether that applicant is of good reputation:

(a) How much time has elapsed since the last conviction?

(b) Whether the conviction is related to employment as a licensee (e.g. property crimes, sexual offences, theft, fraud, forgery, or any other crimes involving dishonesty).

(c) Whether the applicant is eligible to apply for a pardon (i.e. two years following a summary conviction offence and five years following an indictable offence).

(d) Is the applicant honest, trustworthy, and competent to transact the business of a real estate license in a manner, which will safeguard the interests of the public?

(e) Has the applicant rehabilitated himself or herself?

5. Disciplinary Proceedings Under Legislation Regulating Real Estate, Insurance, Mortgage Broker or Security Activities or by a Professional, Occupational or Self-regulatory Body

The Council may delay considering an application from an applicant until he or she has fulfilled any requirements of disciplinary sanction imposed under legislation regulating real estate, insurance, mortgage broker or security activities, or by any professional or occupational self-regulatory body. For the purpose of this guideline, ‘discipline sanction’ includes a warning, reprimand, fine, educational requirement, suspension or cancellation, or any other sanction arising from a disciplinary matter.

Rehabilitation Factors

The following criteria may be considered to determine whether an applicant has fully rehabilitated himself or herself and is currently of good reputation and suitable to be licensed within the meaning of section 10 of the Real Estate Services Act:

(a) Restitution to any person who has suffered monetary losses as a result of the conduct in question.

(b) Successful completion or early discharge from probation or parole.

(c) Abstinence from the use of non-prescribed drugs or alcohol, which were used as the reason for the conduct in question.

(d) Stability of family life and fulfillment of parental and familial responsibilities subsequent to the conduct in question.

(e) Completion of or sustained enrollment in formal education or vocational training courses for economic self-improvement.

(f) Correction of business practices resulting in injury to others or potential to cause injury.

(g) Significant or conscientious involvement in community, religious congregation or privately sponsored programs designed to provide social benefits or ameliorate social problems.

(h) Change in attitude from that which existed at the time of the conduct in question as evidenced by any or all of the following:

- testimony of applicant;

- evidence from family members, friends, or other persons familiar with the applicant’s previous conduct and with the subsequent attitudes and behaviour patterns;

- evidence from probation or parole officers or law enforcement officials competent to testify as to the applicant’s social adjustments;

- evidence from psychiatrists or other persons competent to testify with regard to neuro-psychiatric or emotional disturbances.

Qualification Hearing

A Qualification Hearing under section 2-6 [qualification hearings] of the Council Rules may be required to determine an applicant’s reputation and suitability for licensing. If the Council decides to licence the applicant after a hearing, the Council may impose conditions on the licence of the applicant including restricting the licence of the applicant to a particular brokerage and require an activity report of the applicant from his or her managing broker.

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(d) Insurance and Sub-Mortgage Broker Licensing

A real estate licensee may be dually licensed as an insurance salesperson or agent. Effective January 1, 2001, the deeming provision under the Mortgage Brokers Act permitting real estate licensees to conduct mortgage brokerage activities was repealed. Accordingly, a real estate licensee is no longer eligible to conduct mortgage brokerage activities unless he or she holds a separate licence under the Mortgage Brokers Act. Real estate licensees may be dually licensed under the Real Estate Services Act and Mortgage Brokers Act.

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(e) Time of Issuance and Surrender of Licences

When a licence is issued by the Council, it shall be issued as of noon on the date of issuance as shown on the face of the licence. When a licence is surrendered or returned to the Council, it shall be terminated as of noon on the date received in the Council’s office.

Licensees can change brokerages without awaiting the surrender of their previous licence. The previous licence would be deemed terminated as of noon on the date of issuance of the new licence. If a licensee ceases to be engaged by the brokerage in relation to which the person is licensed, that person’s licence becomes inoperative and the licensee must not provide real estate services while the licence is inoperative.

(f) Waiver of Assessment for Certain Categories of Licence

The Real Estate Errors and Omissions Insurance Corporation has adopted a policy of assessing both brokerages and individual licensees one insurance premium, regardless of the number of licences held. As a result of this policy, brokerages do not pay an additional assessment for each licensed branch office. Similarily, managing brokers only pay one insurance assessment, regardless if they hold more than one licence.

The assessment for the Real Estate Compensation Fund is $100 for each individual and $250 for brokerages. Multiple managing brokers who are licensed with a maximum of 4 separate, affiliated companies are assessed a separate $100 compensation fund fee for each licence. However, multiple managing brokers who are licensed with a maximum of 4 offices of the same brokerage (i.e. head office and branch office) are only required to pay the $100 compensation fund assessment once, with their first managing broker licence.

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(g) Refund of Licensing Fee and Assessments

The licensing fee is not refundable once a licence is issued. If an application is withdrawn for any reason prior to licence issuance, the application fee of $50 for new applications and $25 for renewal and reinstatement applications is not refundable. The assessment for the Real Estate Special Compensation Fund is not refundable once a licence has been issued. Requests for a refund of the 2nd year errors and omissions insurance assessment should be directed to:

Real Estate Errors and Omissions Insurance Corporation
1604 – 700 West Pender Street, Vancouver, B.C. V6C 1G8
Tel: 604-669-0019 Fax: 604-669-0021

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III. Licensing Guidelines for Brokerages

1. Licensing Requirements

(a) Name or Address Changes

If a brokerage changes its name or business address, the following procedures must be completed:

1. Obtain approval from the Council regarding the intended name change prior to registering the name change with the Registrar of Companies. Please note, if using a trade or franchise name, it must also be registered with the Registrar of Companies prior to the Council’s records being amended. In order to assist applicants, the Council requests that you complete and submit the Request for Brokerage Name Approval form, accompanied by the fee referred to below.

2. In the case of a name change, please submit a Request for Brokerage Name Change form. In the case of an address change, please submit a Request for Brokerage Address Change form.

3. Return of the existing brokerage licence certificate(s) to be amended. All licensed offices of the brokerage must have their licences amended in the case of a name change. Certificates of related licensees are not required to be amended.

4. Submit the appropriate fee.

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

6. Written confirmation that the business address is in a commercial location. Alternatively, if the brokerage is moving to a residential office, please see Residential Brokerage Office for additional information and requirements.

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(b) Renewal of Licence

All renewal applications are computer generated and will be sent to each brokerage’s business address approximately six weeks prior to the licence expiry date. Brokerages are required to complete and return the forms to the Council office 30 days prior to licence expiry, pursuant to section 2-13(2) of the Council Rules. It is the responsibility of the managing broker to ensure that the brokerage is properly licensed. Failure to receive a renewal notice does not diminish this responsibility. Click here for the fees for the licence renewal of corporations, partnerships, sole proprietors and branch offices. Branch offices do not pay the errors and omissions insurance or compensation fund assessments.

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(c) Surrender of Brokerage Licence

Brokerage Obligations when Surrendering its Licence and Winding Up Business (section 8-11 of the Council Rules):

A brokerage that ceases to carry on the business of a brokerage must do the following:

(a) immediately surrender to the Council the brokerage’s licences and the licences of all related licensees that are in the possession of the brokerage;

(b) promptly submit to the Council the Brokerage Winding Up Report form, completed in accordance with the Council Bylaws;

(c) if requested by the Council, submit to the Council one or more of the financial statements and reports required under section 7-7 [annual financial statements, accountant’s report and brokerage activity report] of the Council Rules;

(d) as requested by the Council, provide to the Council

(i) any other financial records of the brokerage, and

(ii) any further information about the business of the brokerage;

(e) arrange for the records referred to in section 8-10 [retention of records] of the Council Rules to be kept, for the period referred to in that section, by

(i) another brokerage,

(ii) an accountant, lawyer or notary public, or

(iii) another person acceptable to the Council.

Please note that any “subject” transactions must have the subject clauses removed prior to the winding up of the brokerage. If this is not possible, the transaction (including the deposit monies related thereto) must be transferred to another licensed brokerage prior to the termination of the brokerage’s licence. The brokerage must obtain the written authorization from all parties to the transaction prior to transferring it to another brokerage. The foregoing is necessary because the act of removing a subject clause requires licensing pursuant to the Real Estate Services Act. It is not necessary to transfer transactions that are “firm” or where all subject clauses have been removed. The brokerage may do the usual payouts upon completion of the transaction even after the brokerage’s licence has been terminated.

Any interest that was earned on the brokerage’s general trust account should be paid to the Real Estate Foundation pursuant to section 29(1)(b) [interest on trust account] of the Real Estate Services Act.

Pursuant to section 32 [unclaimed money held in trust] of the Real Estate Services Act, a brokerage may transfer money held in trust by a brokerage to the administrator appointed under the Unclaimed Property Act, if

1. the brokerage has made reasonable efforts to ascertain the identity of or to locate the person entitled to claim the money and to notify that person about the money, and

2. despite those efforts, the money has been unclaimed for longer than one year after the applicable time prescribed for the purposes of this section.

If the above conditions have been satisfied, the unclaimed money may be paid to the British Columbia Unclaimed Property Society. Information with respect to the procedure for paying funds to the Society can be obtained from the British Columbia Unclaimed Property Society at 604-662-3518 or from their website at www.bcunclaimedproperty.bc.ca.

If there are adverse claimants, the brokerage may apply to the Supreme Court for an order to pay the trust monies into court. The procedure to pay trust monies into court can be found in the Brokerage Standards Manual.

Please ensure that the Real Estate Council is immediately informed when the trust account balance reaches zero ($0.00), except for any unclaimed monies which have not been disbursed. In this instance, please provide written details of the unclaimed funds and confirm the manner in which you will be dealing with these monies.

It should be noted that failure to submit the Brokerage Winding Up Report (section 4-11 of the Council Bylaws) could delay the licence reissuance of a licence to any managing broker, director, officer, partner or sole proprietor of the brokerage.

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2. Council Guidelines

(a) Licensee Names for Brokerage Applicants

If an applicant for a new brokerage licence has a legal name or a trade name (see Licensee Names for further information) that is likely to confuse or mislead the public, the Council may refuse to issue the licence. Before refusing to issue the licence, the Council must give notice to the applicant and provide the applicant with an opportunity to be heard respecting the matter. (Section 13(3) of the Real Estate Services Act)

If the Council refuses to issue a licence because of the legal name or trade name, it must

(a) provide the applicant with a written notice of the refusal and the reasons for it; and

(b) advise the applicant of the right to appeal under Division 4 [Appeals to Financial Services Tribunal] of Part 4 (Section 13(3) of the Real Estate Services Act)

The Council may, however, approve similar names for companies which are affiliated, within the meaning of the Business Corporations Act. Alternatively, a licensing agreement may be entered into by the two entities allowing for the use of similar names. The Council would require a copy of the licensing agreement prior to giving name approval for licensing. If you are in doubt as to whether two companies are affiliated within the meaning of the Business Corporations Act, you may wish to seek independent legal advice in this regard.

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(b) Trade Names

Some corporations, partnerships and sole proprietors, when applying for their first licence as a brokerage, indicate that they propose doing business under a name other than their legal name. After receiving approval from the Council for both the legal and trade name and registering both names with the Registrar of Companies, the licence certificate, when issued, will reflect both the legal and trade name.

For example, a licence could be issued showing

“A.B.C. Realty Ltd.
 
“John Doe
dba
OR
dba
Bombay Realty”
 
Melbourne Realty”

 

In order to ensure that the public can identify the brokerage with whom they are dealing, a brokerage can only do business under the trade name. It would not be permissible to do business under more than one name. The telephone would be answered as “Bombay Realty” or “Melbourne Realty” as the case may be and the trade name would be shown on signs, advertisements and business cards.

If a brokerage, after licensing, decided to use a trade name rather than the legal name under which it was licensed, the trade name would again have to be cleared with the Council and registered with the Registrar of Companies. The real estate licences would then have to be amended.

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(c) Franchise Names

Brokerages associated under a franchise agreement may all share a common part of their names (i.e. that part which identifies them as franchisees). However, franchisee brokerages must be readily identifiable by their full name or trade name.

The franchise name must be approved by the Council and registered with the Registrar of Companies. The Council may require a copy of the licensing agreement or “consent for use of name” from the franchisor. If necessary, real estate licences would have to be amended.

In order to ensure that the public can identify the brokerage with whom they are dealing, the brokerage can do business only under the franchise name. It would not be permissible to do business under more than one name.

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(d) Financial Statements

Section 4-5(2) [materials that must accompany applications for new brokerage licences] of the Council Bylaws requires that a financial statement accompany each application for a brokerage’s licence and section 2-11 [financial qualifications for brokerages] stipulates that brokerage applicants must be in sound financial circumstances. To satisfy both requirements, a brokerage applicant’s financial statement must show unimpaired working capital, i.e. cash in bank, in an amount not less than is required to meet all operating expenditures for the first three months, plus $5,000. Eighty percent of accounts receivable may be treated as a current asset.

If shareholders’ loans are required to achieve that position, it is necessary that a subordination agreement be executed between the shareholders and the applicant in the form provided by the Council.

PLEASE NOTE: 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 and a completed copy of the form must be submitted with the financial statement.

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(e) Branch Offices

If a brokerage wishes to provide real estate services at premises other than the brokerage’s head office, the brokerage must obtain licensing for those premises as a “branch office”. If the office is used by related licensees to only complete paperwork and make telephone calls, and the office does not have any signage to indicate that it is a real estate office, it will not be required to obtain licensing under the Act. (See Restrictions Relating to Home and Other Personal Offices)

A branch office must have a qualified individual to act as the managing broker. A managing broker may be licensed in relation to a maximum of 4 offices of a brokerage (e.g. a head office and three branch offices or four branch offices). (Please note that an application form and licensing fee will be required for each additional managing broker licence.) This managing broker would then be required to be actively engaged and provide an adequate level of supervision for all of the office locations and would be responsible for all related licensees of the offices. (See Managing Broker May be Licensed in Relation to a maximum of 4 Licences of a Brokerage).

A staffed kiosk in a shopping mall does not require licensing as a branch office provided that the brokerage has a permanent licensed office situated in the same shopping mall and the Council has been notified, in writing, of the kiosk’s existence.

A display kiosk does not require licensing as a branch office provided it is only a display and not staffed by real estate licensees or others.

(f) Operating Site Offices and Temporary Locations*

A brokerage conducting real estate activity on a temporary basis at trade shows, flea markets or sites at a project or subdivision, does not require a branch office licence provided that the activity is restricted to the duration of the event or the life of the project.

*Temporary location is defined as “a location that exists for a limited amount of time and is not permanent.” Examples of such temporary locations include:

  • a booth at a seasonal farmers’ market held once a week from May through October;
  • a temporary booth at a permanent farmers’ market, e.g., set up for 2 weeks or 1 day/week for 3 months, but not on an ongoing basis even if the booth is operated only once a week; or 
  • a real estate development marketing site office that operates until such time as all units are sold.

Other situations not specifically covered by the policy would be considered by the Council on a case-by-case basis.

 

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(g) Good Reputation – Managing Brokers/Sole Proprietors

Section 10 [qualifications for obtaining licence] of the Real Estate Services Act requires that an applicant for a licence be of “good reputation” which includes, among other things, whether an applicant is in “sound financial circumstances”. In addition, section 7-4 [other trust account requirements] of the Council Rules requires at least one related managing broker must be a signing authority on each trust account maintained by a brokerage. As a result, a managing broker/sole proprietor applicant will not be licensed if the applicant:

1. is an undischarged bankrupt;

2. has outstanding judgments against him/her; or

3. is in arrears on several trade accounts.

In the above circumstances, a qualification hearing under section 2-6 [qualification hearings] of the Council Rules may be required to determine an applicant’s suitability for licensing. This policy does not apply to those individuals licensed as representatives or associate brokers.

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(h) Waiver of Assessment for Certain Categories of Licence

The Real Estate Errors and Omissions Insurance Corporation has adopted a policy of assessing both brokerages and individual licensees one insurance premium, regardless of the number of licences held. As a result of this policy, brokerages do not pay an additional assessment for each licensed branch office. Similarly, managing brokers only pay one insurance assessment, regardless if they hold more than one licence.

The assessment for the Real Estate Compensation Fund is $250 for each brokerage and $100 for each individual. Multiple managing brokers who are licensed with a maximum of 4 separate, affiliated companies are assessed a separate $100 compensation fund assessment for each licence. However, multiple managing brokers who are licensed with a maximum of 4 offices of the same brokerage (i.e. head office and branch office) are only required to pay the $100 compensation fund assessment once, with their first managing broker licence.

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(i) Refund of Licensing Fee and Assessments

The licensing fee is not refundable once a licence is issued. If an application is withdrawn for any reason prior to licence issuance, the application fee of $50 for new applications and $25 for renewal and reinstatement applications is not refundable.

The assessment for the Real Estate Special Compensation Fund is not refundable once a licence has been issued.

Requests for a refund of the 2nd year errors and omissions insurance assessment should be directed to:

Real Estate Errors and Omissions Insurance Corporation
1604 – 700 West Pender Street, Vancouver, B.C. V6C 1G8
Tel: 604-669-0019 Fax: 604-669-0021

 

IV. Council Rules

(a) Managing Brokers

Section 6-1(a) of the Real Estate Services Act requires that a brokerage must have one or more managing brokers and section 3-1(1) of the Council Rules requires that a managing broker be actively engaged in the management of the related brokerage. The managing broker must also ensure that the business of the brokerage is carried out competently and in accordance with the Act, Regulation, Rules, and Bylaws. In addition, managing brokers must ensure that there is an adequate level of supervision for related associate brokers and representatives and for employees and others who perform duties on behalf of the brokerage.

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(b) Managing Broker May be Licensed in Relation to a maximum of 4 Affiliated Brokerages (section 2-3 of the Council Rules)

A managing broker may

(a) be licensed in relation to a maximum of 4 brokerages that are affiliated within the meaning of the Business Corporations Act, and

(b) provide real estate services in relation to the licence of each of those brokerages.

The total of all brokerage licences in relation to which a managing broker is licensed must not exceed 4.

As evidence of affiliation, the Council requires a letter from the brokerage’s corporate lawyer confirming that the brokerages are affiliated within the meaning of the Business Corporations Act.

When an individual has been issued multiple managing broker licences, these additional licences will then be identified as a “multiple managing broker licence”. The multiple managing broker licences are not required to carry separate errors and omissions insurance. Accordingly, if the individual then wishes to transfer his/her licence to another firm, only the “managing broker” licence will be used for transfer and the “multiple managing broker” licences will be terminated.

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(c) Managing Broker May be Licensed in Relation to a maximum of 4 Licences of a Brokerage (section 2-4 of the Council Rules)

A managing broker may be licensed in relation to a maximum of 4 licences of a brokerage (i.e. a head office and 3 branch offices or 4 branch offices) and may provide real estate services in relation to each of those brokerage licences. The maximum number of managing broker licences an individual may hold, whether in relation to branch offices or affiliated brokerages, is 4.

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(d) Residential Brokerage Office (section 2-5 of the Council Rules)

(e) Qualification Hearings (section 2-6 of the Council Rules)

(f) Educational Requirements (section 2-7 of the Council Rules)

(g) Educational Requirements for New Licensees (section 2-8 of the Council Rules)

(h) Education Re-qualification on Reinstatement (section 2-9 of the Council Rules)

(i) Experience Qualifications for Managing and Associate Brokers (section 2-10 of the Council Rules)

(j) Term of Licence (section 2-13 of the Council Rules)

(k) Partnership Brokerage Licence (section 2-14 of the Council Rules)

(l) Voluntary Surrender (section 2-16 of the Council Rules)

(m) Brokerage Must Give Immediate Notice Respecting Solvency (section 2-20 of the Council Rules)

(n) Licensee Must Give Notice of Discipline, Bankruptcy or Criminal Proceedings (section 2-21 of the Council Rules)

(o) Notice of Business Changes (section 2-22 of the Council Rules)

(p) Displaying and Keeping of Licences (section 4-1 of the Council Rules)

(q) Business Signs Required (section 4-2 of the Council Rules)

(r) Restrictions Relating to Home and Other Personal Offices (section 4-3 of the Council Rules)

(s) Licensee Names (section 4-4 of the Council Rules)

(t) Relationships with Principals and Parties (Part 5 of the Council Rules)

(u) Dealing with Other Licensees and Unlicensed Persons (Part 6 of the Council Rules)

(v) Brokerage Accounts and Financial Requirements (Part 7 of the Council Rules)

(w) Brokerage Records (Part 8 of the Council Rules)

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