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New Real Estate Teams Rules Are in Effect
BC Financial Services Authority (“BCFSA”) is reminding real estate licensees that amendments to the Real Estate Services Rules (“the Rules”) respecting real estate teams came into effect on April 1, 2023.
A group of two or more licensees must register as a real estate team with BCFSA if the licensees in the group do any of the following while providing trading services:
- Represent themselves to the public as a single entity (not limited to advertising);
- Regularly act as designated agents of the same client; or
- Regularly work together in a manner that creates implied agency with the same party.
Unlicensed assistants do not, for regulatory purposes, count as part of the total membership of a team.
To register a team, please complete and submit a “Register a New Real Estate Team” application through the Integrated Regulatory Information System (“IRIS”) portal along with the applicable fee. It’s important to note that teams-related applications must be submitted through IRIS by one of the licensed members of the team. Although the application form requires the managing broker’s approval, the managing broker should not submit the application form on behalf of their related licensees.
To learn more about the new Rules, read these resources on our website: