What is Included in the Licensing Fee?
Did you know that not all of the licensing fee you pay remains with the Real Estate Council? In fact, nearly two-thirds of every licence fee we collect is on behalf of other organizations that play important roles in protecting BC’s real estate consumers and real estate licensees.
Here is a breakdown of what you will pay beginning April 1, 2018 as part of your licensing fees, where the fees go, and how each component helps to strengthen the regulatory framework and increase consumer confidence in the real estate industry:
The Real Estate Compensation Fund assessment is paid to the Real Estate Compensation Fund Corporation. The fund provides protection if a member of the public suffers a compensable loss when money entrusted to a real estate licensee or an unlicensed individual at a brokerage is misappropriated, obtained by fraud, or intentionally not paid over or accounted for. Learn more about the Compensation Fund.
The Errors & Omissions assessment is used by the Real Estate Errors & Omissions Insurance Corporation to cover the costs of defending BC real estate licensees against claims. Every licensee is required to participate in the fund, which protects licensees from financial loss from errors, omissions, or negligence, and ensures that consumers who have lost money because of a licensee’s negligence will be compensated. Find out more about E&O coverage.
The Superintendent of Real Estate assessment ensures the office of the Superintendent of Real Estate has the resources necessary to meet its mandate to strengthen governance of the real estate profession and enhance consumer protection. This includes oversight on the activities of RECBC, and creating Rules to govern the conduct of licensed real estate professionals and brokerages. Learn more about the Superintendent of Real Estate.
RECBC uses the licensing assessment fee to protect consumers by enforcing the Real Estate Services Act and educating, licensing, auditing, investigating and disciplining real estate licensees. Learn about our mandate.