Managing Broker Toolkit – Help Your Licensees Meet their Education and Licensing Requirements
Each upcoming issue of the Report from Council will feature articles or new resources to meet the needs of managing brokers. To make them easy to find, we’ll be adding each new article and resource to the Managing Broker Toolkit that you can access in the Licensee Knowledge Base.
In this issue: a reminder that trading services and rental property management licensees must complete both the Legal Update course and the Rule Changes: Agency and Disclosure course before applying for licence renewal. Read on for tips to help make sure that licensees at your brokerage have completed all the required regulatory education before they submit a licence renewal application.
- Encourage all trading services and rental property management licensees at your brokerage to complete the Rule Changes: Agency and Disclosure course as soon as possible. A clear understanding of the new agency and disclosure requirements is a great way for your licensees to demonstrate their value to prospective clients. If your brokerage is only licensed for strata management services, this new education requirement does not apply.
- Remind licensees at your brokerage to allow enough time to complete all the required education before their licence expiry date. Because of recent changes to the format of Legal Update courses, we recommend that licensees register for this course at least 3 months in advance of their licence expiry date.
- Before you certify a licence renewal application of any licensee (whether online or on paper) at your brokerage, check to make sure that they have completed all the required education and have attached proof of course completion. For trading services and rental property management licensees, that means Legal Update and Rule Changes: Agency and Disclosure. Without that proof, the renewal application cannot be processed.
- Complete the required courses yourself, so that you can support your licensees by answering any questions they may have. Our records indicate that many managing brokers have yet to complete the Rule Changes: Agency and Disclosure course – if you are one of them, don’t delay, register today! Over the next few weeks we will be conducting an email campaign targeting managing brokers who haven’t yet completed the course.
- Make sure you understand and are complying with your record-keeping requirements. Do you have policies and procedures in place at your brokerage to ensure that all disclosure forms are being retained? At your next brokerage inspection, RECBC auditors will ask to see proof that your brokerage has been in compliance since June 15, 2018 with the requirement for trading services and rental management brokerages to retain the new disclosure forms.
If our records indicate that the managing broker and/or licensees at a brokerage have not yet completed the Rule Changes: Agency and Disclosure course, this risk factor may prompt an additional inspection.