Education & Licensing Guidelines

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I. Education Guidelines 

Part 1 – Education Requirements for Licensing 

To qualify for a real estate license in B.C., you must satisfy BCFSA’s education requirements. These requirements include: 

  • Demonstration of proficiency in English; 
  • Successful completion of a licensing course; 
  • Successful completion of a licensing examination; and 
  • Successful completion of an applied practice course (required for trading services license only). 

You must also meet the age requirements (you must be at least 19 years of age in order to qualify for licensing) and BCFSA’s Good Reputation, Suitability and Fitness Guidelines requirements. 

There are additional requirements to qualify for licensing as an associate broker or managing broker: 

  • Successful completion of the brokers licensing course; and 
  • Demonstration of sufficient experience. 

For more information about licensing requirements, please see the Licensing section of BCFSA’s website. 

Division 1. Pre-Licensing Education 

1-1 English Language Proficiency Requirement 

In order to ensure that licensees are competent to communicate in English with consumers and other licensees, the Real Estate Services Rules require all applicants to satisfy the English Language Proficiency Requirement (ELPR) before writing a licensing examination. The ELPR must be satisfied by achieving a level 7 or higher on each of the four components of the Canadian English Language Proficiency Index Program – General (CELPIP-General) test. Individuals are deemed to have satisfied the requirement if they have: 

  • Graduated with a bachelor’s degree or higher from a degree program at an accredited university, college or technical institute where English is the primary language of instruction; or 
  • been licensed for real estate services in another Canadian jurisdiction with an English language proficiency requirement after satisfying that jurisdiction’s English language proficiency requirements. 

1-2 Licensing and Applied Practice courses 

In order to ensure that licensees are qualified to practice, BCFSA requires the following licensing and applied practice courses:

  • Real Estate Trading Services Licensing course; 
  • Rental Property Management Licensing course; 
  • Strata Management Licensing course; 
  • Broker’s Business Planning and Financial Management Licensing course; and 
  • Residential/Commercial Trading Services Applied Practice course. 
1-2 (1) Delegated course Providers 

In delegating course delivery and administration, BCFSA sets specific standards for competency and knowledge required to practice real estate services under the Real Estate Services Act. BCFSA periodically conducts reviews of course content to ensure that courses remain current and that required standards continue to be met. 

BCFSA has delegated the administration of the licensing courses to the UBC Sauder School of Business, Real Estate Division. 

1-2 (2) Accessibility for Licensing courses 

The UBC Sauder School of Business, 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 Centre for Accessibility, and candidates who have physical, sensory or specific learning disabilities are encouraged to contact the UBC Centre for Accessibility make appropriate arrangements. 

1-2 (3) Examination Results 

Examination results are only released in writing. Candidates will be advised in writing through their individual course Resources Webpage online and by regular mail and by no other means. 

1-2 (4) 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 Sauder School of Business, Real Estate Division. After an unsuccessful attempt, candidates must wait a minimum of 90 days to rewrite the examination. 

Examinations must be completed no more than two (2) years after successful completion of the course assignments. An individual who fails an examination two (2) times in succession must retake and successfully complete the applicable licensing course before again attempting the examination. This is required by the Real Estate Services Rules. No special examinations are provided. Waivers will be considered only in exceptional circumstances and must be made in accordance with the Education Waivers Policy. 

1-2 (5) Residential / Commercial Trading Services Applied Practice course 

Applicants applying for a license to provide trading services are required to register in and complete Components 1 & 2 of the Residential Trading Services Applied Practice course or complete Component 1 of the Commercial Trading Services Applied Practice course prior to applying for licensing. Once licensed, individuals have six (6) months to complete Components 3 & 4 of the Residential course or Components 2, 3 & 4 of the Commercial course, unless the applied practice course requirement has been waived. 

Course Waiver 

You are eligible to request that the Applied Practice course be waived if: 

  1. You have completed the Applied Practice course within the last two (2) years. 
  2. You are licensed in another Canadian jurisdiction with occupational standards equivalent to those in B.C., you have completed any required post-licensing education in that jurisdiction, and you are qualified for licensing in B.C. under labour mobility legislation. 
Accelerated course 

You are eligible for an accelerated version of the Applied Practice course in the following instances: 

  1. You have completed the Applied Practice course more than two (2) years ago and were previously licensed in B.C. 
  2. You have been licensed for at least one (1) of the past three (3) years in another jurisdiction in the US, New Zealand, Australia or a Canadian jurisdiction without occupational standards. 

1-3 Education Waivers Policy 

If you have attained the required level of education in the requisite knowledge areas through prior education or training, you may be eligible to apply to have some or all of the standard educational requirements for licensing waived. 

1-3 (1) Requests for Education Waivers 

To make a request to have some or all of the licensing education requirements waived, submit the following information in writing to BCFSA. 

Requests based on prior education and training must include: 

  • A full description of your experience in real estate (trading services, rental property management and/or strata management). 
  • Supporting documentation to verify your stated real estate experience such as: 
    • Official transcripts, degrees or diplomas; 
    • A resume; 
    • Letters of reference; 
    • Licensing history including disciplinary action (if applicable); and 
    • Any other relevant information. 

BCFSA staff will consider your request. Official transcripts must be received directly from the educational institution. After your request has been reviewed and a determination made, you will be notified in writing with instructions on how to proceed with qualifying for licensing. BCFSA will notify course providers when a waiver is granted to an individual. 

If your request for an education waiver is denied, BCFSA will provide you with written notice including the reasons for the denial. 

Appeals 

To appeal a BCFSA decision to deny your education waiver request, you must submit an additional written request. BCFSA will reconsider an education waiver request in cases where applicants make significant additional information available. BCFSA will provide written notice of its decision upon reconsideration of a waiver request. 

1-3 (2) Approved Prior Knowledge and Training 

The information below outlines circumstances in which previously licensed representatives or brokers may request waivers to the standard educational requirements, as well as post-secondary and professional education programs that BCFSA recognizes as equivalent to some or all of the standard licensing education requirements. 

UBC Commerce Real Estate (M.Sc. or B.Comm., Real Estate) 

If you have been awarded a Masters of Science (M.Sc.) Real Estate or a Bachelor of Commerce Real Estate (B.Comm) from the University of British Columbia in the last ten (10) years, you are eligible to request a waiver from the applicable trading services and/or rental property management licensing course and examination if: 

  1. You hold an M.Sc. with Urban Land or Real Estate major. 
  2. You hold a B.Comm. Real Estate and your transcript indicates you have completed COMM: 434 – Land Law (or BUSI 111). 

If you have been awarded an M.Sc. Real Estate or a B.Comm. Real Estate from the University of British Columbia in the last ten (10) years, you are eligible to request a waiver from the managing broker course and examination. 

Note: to become licensed at the broker level individuals must have been licensed as a representative in B.C. for at least two (2) of the past five (5) years (sec 11 of the Real Estate Services Rules). 

If you have been a student in an M.Sc. Real Estate or a B.Comm. program at the University of British Columbia within the last ten (10) years, you are eligible to request a waiver from the trading services and/or rental property management licensing courses if: 

You are a B.Comm. Real Estate student and your transcript indicates you have completed the following courses: COMM 307, 306, and 434 (or BUSI 111). 

If you have been a student in an M.Sc. Real Estate or a B.Comm. program at the University of British Columbia within the last ten (10) years, you are eligible to request a waiver from the managing broker course if: 

Your transcript indicates you have completed the following courses: COMM 203, 205, 280, 290, 292, 293, 294, 295 (or equivalent). 

Note: to become licensed at the broker level individuals must have been licensed as a representative in B.C. for at least two (2) of the past five (5) years (sec 11 of the Real Estate Services Rules). 

Diploma in Urban Land Economics (DULE) 

If you have been awarded a Diploma in Urban Land Economics, including completion of BUSI 111 – British Columbia Real Property Law and Real Estate Ethics, from the University of British Columbia within the last ten (10) years, you are eligible to request a waiver from the following: 

Real Estate Trading Services Licensing course and examination. 

If you have been awarded a Diploma in Urban Land Economics with Real Estate Management Option, including completion of BUSI 111 – British Columbia Real Property Law and Real Estate Ethics, from the University of British Columbia within the last ten (10) years, you are eligible to request a waiver from the following:

Rental Property Management Licensing course and examination. 

If you have been a student in the Diploma in Urban Land Economics program at the University of British Columbia within the last ten (10) years, you are eligible to request a waiver from the applicable licensing course if: 

  1. Your transcript indicates you have completed the following courses: BUSI 111, 121, 221, 330 (applies to trading services). 
  2. Your transcript indicates you have completed the following courses: BUSI 111, 330, 331 and 441 (applies to rental property management services). 

If you have been awarded a Diploma in Urban Land Economics program at the University of British Columbia in the last ten (10) years, you are eligible to request a waiver from the managing broker course and examination if: 

Your transcript indicates you have completed the following courses: BUSI 111, 433. 

If you have been a student in the Diploma in Urban Land Economics program at the University of British Columbia within the last ten (10) years, you are eligible to request a waiver from the applicable licensing course if: 

Your transcript indicates you have completed the following courses: BUSI 111, 433. 

Note: to become licensed at the broker level individuals must have been licensed as a representative in B.C. for at least two (2) of the past five (5) years (sec 11 of the Real Estate Services Rules). 

BCIT – Professional Real Estate Diploma (Marketing Management Technology)/Advanced Diploma in Professional Real Estate 

If you have completed a real estate program at BCIT within the last 10 years you are eligible to request a waiver from the trading services and/or rental property management services and/or strata management licensing course and/or the managing broker course if: 

  1. You have been awarded a Professional Real Estate Diploma prior to January 1, 2020, or 
  2. You have been awarded an Advanced Diploma in Professional Real Estate after January 1, 2020. 
Langara College 

If you have completed Real Estate Program courses from Langara College in the last ten (10) years, you are eligible to request a waiver from the applicable licensing course if: 

  1. You have received a Diploma in Real Estate (applies to trading services). 
  2. Your transcript indicates you have completed the following courses: PROP 1004, 1005, 1023, 1024 (applies to trading services). 
  3. You are a graduate of the Property Management Certificate Program and your transcript indicates you have completed the following courses: PROP 1001, 1004, 1005, 1020 (applies to rental property management services). 

You are eligible to request a waiver from the managing broker course if: 

  1. You have completed a Diploma in Real Estate your transcript indicates you have completed the following courses: GBSC 1006, ENTR 1009, PROP 1095. 

Note: to become licensed at the broker level individuals must have been licensed as a representative in BC for at least two (2) of the past five (5) years (sec 11 of the Real Estate Services Rules). 

B.C. Lawyers or B.C. Law Degree 

If you are a B.C. lawyer or have been awarded a law degree from a university in British Columbia in the last ten (10) years, you are eligible to request a waiver from the trading services licensing course if: 

  1. You hold an LL.B. or J.D. degree conferred by a B.C. university. 
  2. You are (or have been in the past ten (10) years) a member in good standing of the Law Society of B.C.
University Graduates 

If you have been awarded a degree from a university in the last ten (10) years, you are eligible to request a waiver from the applicable licensing course if: 

Your transcript indicates you have completed a sufficient number of real estate courses (content must be similar to that required for UBC B.Comm. in Real Estate). 

You are eligible to request a waiver from the managing brokers course if: 

Your transcript indicates you have completed a sufficient number of business management courses (e.g. Masters of Business Administration or Bachelor of Business Administration). 

Note: to become licensed at the broker level individuals must have been licensed as a representative in B.C. for at least two (2) of the past five (5) years (sec 11 of the Real Estate Services Rules). 

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

You are eligible to request a waiver from the applicable licensing course and/or managing broker course if you hold one of the following designations from the IREM or REIC (status of the designation must be current): 

  1. Fellow of the Real Estate Institute (FRI) designation (applies to trading services and broker). 
  2. Certified Property Manager (CPM) designation (applies to trading services, rental property management services and broker). 

Note: to become licensed at the broker level individuals must have been licensed as a representative in B.C. for at least two (2) of the past five (5) years (sec 11 of the Real Estate Services Rules). 

Royal Institute of Chartered Surveyors (RICS) 

*designation status must be current 

You are eligible to request a waiver from the trading services licensing course and/or managing brokers course if you have been awarded one of the following designations from RICS (status of the designation must be current): 

  1. Member of the Royal Institute of Chartered Surveyors (MRICS) designation. 
  2. Fellow of the Royal Institute of Chartered Surveyors (FRICS) designation. 

Note: to become licensed at the broker level individuals must have been licensed as a representative in B.C. for at least two (2) of the past five (5) years (sec 11 of the Real Estate Services Rules). 

Building Owners and Managers Institute (BOMI) 

You are eligible to request a waiver from the rental property management licensing course if you have been awarded the following designation from BOMI (status of the designation must be current): 

Real Property Administrator (RPA) designation. 

Mortgage Brokerage in B.C. course 

If you previously passed the Mortgage Brokerage in British Columbia course and examination and you wish to hold a real estate license in B.C., the following is required: 

  1. You must complete the applicable supplemental course and supplemental exam to become licensed to provide the applicable service if you: 
    1. Passed the mortgage brokerage exam in last year, 
    2. Are currently registered as a sub-mortgage broker, or 
    3. Were previously registered as sub-mortgage broker and your Education Requalification Waiver period as calculated by BCFSA has not expired. 
  2. Must complete the applicable supplemental course and full licensing exam to become licensed to provide the applicable service if: 
    1. It is more than one (1) year after you passed the mortgage brokerage exam but less than two (2) years since completing course assignments, or 
    2. You were previously registered as sub-mortgage broker and your Education Requalification Waiver period as calculated by BCFSA has expired. 
Sub-Mortgage Broker Registration in B.C. 

If you passed the trading services licensing course to qualify for registration as a sub-mortgage broker in B.C., you may be eligible to request a waiver from the trading services licensing course and examination if you have been continuously registered as a sub-mortgage broker and your Education Requalification Waiver period has not expired. 

If you passed the real estate trading services licensing course to qualify for registration as a sub-mortgage broker in B.C. you may be eligible to request a waiver from the real estate trading services licensing course if: 

  1. You were previously registered as a sub-mortgage broker and your Education Requalification Waiver period has expired. 
  2. You were previously licensed to provide trading services in B.C., you became a registered sub-mortgage broker during your Education Requalification Waiver period, you subsequently terminated your sub-mortgage broker registration and your Education Requalification Waiver period as calculated by BCFSA has expired. 

Part 2 – Applying for Licensing 

To apply for a representative license, you must submit your application within one (1) year from the date you passed the licensing examination. Completion of a supplemental course and examination will not extend the length of time you are permitted to apply for licensing. If you are applying for a trading services license you must also complete the required pre-licensing components of the applied practice course within one (1) year of passing the licensing examination. To apply for an associate broker or managing broker license you must submit your application within five (5) years from the date you passed the licensing examination. 

2-1 License Application Requirements 

In order to apply for a license, you must use the prescribed Application for Representative, Associate or Managing Broker license Application Form. You are required to provide the following information: 

  • The category and level of license for which you are qualified. 
  • Your legal name, address and contact information. 
  • Name of the brokerage where you will be working. 
  • Citizenship, work visa or immigration status. 
  • A copy of a piece of valid, government-issued photo identification. 
  • Information relating to reputation and suitability (including a current criminal record check): 
    • Other discipline, court orders or judgements against you or a related business; and 
    • Bankruptcy/discharge, etc. 
  • Your qualifying education including exam dates. 
  • The signature of the managing broker or an officer or director at the brokerage where you will be licensed. 

BCFSA will review the application. If BCFSA finds that you meet the qualification requirements for licensing, a license will be issued. 

2-2 (1) License Reciprocity 

If you are currently licensed to provide real estate services in another Canadian jurisdiction with occupational standards* equivalent to those in B.C., or have been licensed in the past twelve (12) months, you are eligible to apply for licensing in B.C. You must submit the following with your license application: 

  • A licensing history from the jurisdiction in which you are or were licensed. 
  • An Out-Of-Province Certification form. 
  • Proof you satisfy the English Language Proficiency Requirement. 
2-2 (2) 

If you have held a real estate license in another jurisdiction, you are eligible to request a waiver from the applicable licensing course and examination if: 

  1. You have completed the required licensing education in the previous twelve months in a Canadian jurisdiction with occupational standards equivalent to those in B.C. You will be required to complete the applied practice course. 
  2. You have been licensed in a jurisdiction in the United States for no more than two (2) years after the surrender of your licence in B.C. 
  3. You have been licensed in a jurisdiction in the United States for no more than two (2) years since passing the B.C. trading services licensing examination. 
  4. You completed the B.C. rental property management licensing course and examination and have been providing rental property management services in a Canadian jurisdiction without rental licensing requirements for no more than two (2) years since passing the examination. 

Individuals who have held a real estate license in Alberta, Saskatchewan and the Yukon Territory are deemed to satisfy the English Language Proficiency Requirement. Applicants from all other Canadian jurisdictions must satisfy the English Language Proficiency Requirement. 

*Alberta, Saskatchewan, Manitoba, Ontario, Quebec, New Brunswick, Newfoundland & Labrador, Nova Scotia, Prince Edward Island and the Yukon Territory. This includes licensed rental property managers from Alberta and Saskatchewan. 

If you have held a real estate license in another jurisdiction, you are eligible to request a waiver from the applicable licensing course if: 

  1. You were licensed for a minimum of one (1) year within the past three (3) years in a Canadian jurisdiction with occupational standards equivalent to those in B.C. *This includes previously licensed rental property managers from Alberta and Saskatchewan 
  2. You have been actively licensed at the representative level in the United States, New Zealand, Australia or a Canadian jurisdiction without occupational standards* equivalent to those in B.C., for a minimum of one (1) year within the past three (3) years before applying as a representative. 

You are eligible to request a waiver from the managing broker course if: 

You have been actively licensed to provide trading services at the broker level in the United States, New Zealand, Australia or, a Canadian jurisdiction without occupational standards* equivalent to those in B.C. for a minimum of two (2) years in the past five (5) years. 

*Northwest Territories and Nunavut 

Part 3 – Continuing Education 

3-1 Continuing Education 

All licensees are required to complete BCFSA’s continuing education requirements before applying to renew their real estate license. 

3-1 (1) Completing the continuing education courses 

To satisfy BCFSA’s continuing education requirements, 

  1. All licensees are required to complete one applicable Legal Update course during their two-year license term. 
  2. All licensees are required to complete one applicable Ethics course during their two-year license term in order to renew a license on or after October 1, 2020. 
  3. All licensees must have also completed the Anti-Money Laundering in Real Estate course in order to renew a license on or after April 1, 2020. 
3-1 (2) 
  • Legal Update is a blended course. You register for this course with BCFSA. To complete the course, you must complete an online component before attending a classroom session.
    • The online component is provided by UBC Sauder School of Business, Real Estate Division 
    • The classroom component is provided by BCFSA. The classroom component is provided online using video webinar technology. 

If you are licensed to provide more than one service (e.g., trading services and strata management services), you are still only required to complete one Legal Update course. 

  • Ethics is a blended course. You register for this course with BCFSA. To complete the course, you must complete an online component before attending a classroom session.
    • The online component is provided by UBC Sauder School of Business, Real Estate Division 
    • The classroom component is provided by BCFSA online using video webinar technology. 

Anti-Money Laundering in Real Estate course is an online course developed by BCFSA and provided online by UBC Sauder School of Business, Real Estate Division. This course is required for license renewal until March 31, 2022. 

Rule Changes: Agency and Disclosure course is developed by the UBC Sauder School of Business, Real Estate Division in conjunction with BCFSA. It is an online course provided by the Real Estate Division. This course was required for license renewal until September 30, 2020. BCFSA will continue to make this course available after that date for anyone who missed it or who is interested in understanding the changes to the agency and disclosure rules. 

The continuing education requirement is separate and distinct from any educational requirements mandated by the various real estate boards throughout the province. 

3-1 (3) Proof of Continuing Education 

BCFSA maintains continuing education records for regulatory continuing education courses completed after October 1, 2019. Licensees are responsible for accurately reporting continuing education course completion on their renewal application form. An education history is available to licensees through BCFSA’s licensee portal for the purpose of reviewing completed regulatory education before submitting their license renewal application online 

Your license will not be renewed unless you have completed the appropriate continuing education courses in the last two years. 

Individuals who are applying for relicensing within their Education Requalification Waiver period are required to ensure they have completed the required continuing education. 

Continuing education is not required from anyone who must requalify for licensing by writing the applicable licensing examination. 

3-2 Applying to Add Another Real Estate Service to a License 

You may be qualified to provide one, two, or all three real estate service categories (trading services, rental property management services, strata management services) through your real estate license. To add a real estate service category to your license, you must qualify for licensing to provide that additional service by completing a supplemental course and examination. 

If you were previously licensed and passed a supplemental examination within your Education Requalification Waiver period, you are eligible to apply for a representative’s license to provide both services so long as you passed the supplemental examination no longer than 1 year before the date of the application. You will be required to pass both a full licensing examination and a supplemental course and examination in both service categories in order to requalify for a representative’s license if your Education Requalification Waiver period has expired. 

Individuals adding trading services to a license are also required to complete the Residential or Commercial Trading Services Applied Practice course. 

3-3 Broker’s Licensing Requirements 

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

3-3 (1) Education 

Completion of the Broker’s Business Planning and Financial Management licensing course and examination will satisfy the education requirement for licensing as an associate broker/managing broker licensed to provide trading services, and/or rental property management services, 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. If your rental property management license was issued before July 21, 1994, you will be required to complete the Rental Property Management supplemental course and examination to continue providing rental property management services. 

Registration in the managing broker course is limited to individuals who have: 

  1. Completed the Real Estate Trading Services Licensing course, Rental Property Management Licensing course or Strata Management Licensing course and Examination or equivalent; 
  2. Been licensed for not less than six (6) months in B.C. at the time of course commencement; and 
  3. Completed the Residential or Commercial Trading Services Applied Practice course, where applicable. 
3-3 (2) Experience 

To satisfy the experience requirement for licensing as an associate or managing broker, you must have: 

  1. Been licensed in B.C. as a representative for at least two (2) of the past five (5) years; or 
  2. have been licensed as a Broker in a jurisdiction in the United States, Australia or New Zealand for at least two (2) of the past five (5) years; or 
  3. Licensed as a representative or equivalent in their home jurisdiction for at least two (2) of the past five (5) years and one (1) of the past five (5) years in B.C. 

You may apply to have the experience requirements waived if: 

  1. Your experience and training is equivalent to that which you would have obtained if the services were provided as a licensee; 
  2. There is an immediate need for a managing broker in the location where you propose to carry on business; or 
  3. You are an applicant from another Canadian jurisdiction, and you are qualified to be licensed as an associate or managing broker or you were previously licensed as a broker and you have been unlicensed for less than one (1) year. 

Part 4 – Relicensing and Leaves 

4-1 Re-licensing 

If you have surrendered your license, it has been suspended or become inoperative, and you now wish to apply for relicensing, you are required to requalify by completing the applicable licensing education and examination. 

In recognition of an applicant’s previous knowledge or training, BCFSA may waive the requalification requirements as detailed below. 

4-1 (1) Representative’s Education Requalification Waiver Policy 

BCFSA will waive the applicable licensing course and examination requirements for individuals who wish to apply for relicensing as representatives in the same categories after their license becomes inoperative, is suspended or is voluntarily surrendered, for specified periods known as Education Requalification Waiver periods. Education Requalification Waiver periods are calculated from the date on which a license becomes inoperative, is suspended, or is voluntarily surrendered. 

The Education Requalification Waiver periods are as follows: 
  1. After passing a licensing examination you may apply for relicensing for up to twelve months. 
  2. If you were continuously licensed for less than a year, you may apply for relicensing for a period equivalent to your unbroken licensed period. 
  3. If you were continuously licensed for one (1) year but less than five (5) years, you may reapply for licensing for up to one (1) year. 
  4. If you were continuously licensed for five (5) years or more you may reapply for licensing for up to two (2) years. 

If during your Education Requalification Waiver period you passed the managing broker licensing course and examination you may reapply for licensing as a representative for up to five (5) years after passing the managing broker licensing examination. 

Candidates who apply for licensing within their Education Requalification Waiver period but after their previous license has expired must have completed their continuing education requirement with their license application. 

Previously licensed individuals who are no longer eligible for a waiver of the licensing course and examination will be required to qualify for licensing by: 
  1. Successfully completing the applicable service category examination within required parameters as described in the exam rules section of this policy. 
  2. Completing the applicable supplemental examination(s) if the applicant wishes to become licensed for more than one service category. 
  3. In the case of an applicant for a trading services license, completion of an accelerated version of the Residential / Commercial Trading Services Applied Practice course is required if it is more than two (2) years since the applicant completed an applied practice course. 

If you are a former employee of a professional real estate organization your Education Requalification Waiver period will be calculated using your last continuous license period and will begin on the date of termination of your employment. 

Confirmation of Education Requalification Waiver period 

BCFSA will provide written confirmation of your Education Requalification Waiver period, including the date of the expiry of the waiver period. To obtain confirmation, please submit a written request to: [email protected]. BCFSA will only respond to written requests. 

Requests for Extensions 

Extensions will be considered only in exceptional circumstances and will be made in accordance with the medical leave or parental leave policies. 

Broker’s Education Requalification Waiver Policy 

4-1 (2) Relicensing as an Associate Broker or Managing Broker 

BCFSA’s policy for reissuing an associate broker or managing broker license to someone who has been previously licensed as a managing broker or associate broker is as follows: 

BCFSA will waive the licensing course and examination, and experience requirements for broker relicensing if the applicant has been unlicensed for less than five (5) years before the date of application. 

If you are a former employee of a professional real estate organization your Education Requalification Waiver period will be calculated using your last continuous license period and will begin on the date of termination of your employment. 

Previously licensed brokers who have been unlicensed for more than five (5) years are no longer eligible for education waivers and will be required to qualify for licensing by: 
  1. Successfully completing the applicable service category licensing examination and the managing broker course examination. 
  2. Completing the applicable supplemental examinations if the applicant wishes to relicense for more than one service category. 
  3. Completing an accelerated version of the Residential or Commercial Trading Services Applied Practice course if it is more than two (2) years since the Residential or Commercial Trading Services Applied Practice course was completed (for trading services only). 
4-1 (3) Broker’s Education Requalification Policy for Relicensing as a Representative 

BCFSA’s policy for reissuing a representative’s license to someone who has been previously licensed as a managing broker or associate broker is as follows: 

  • BCFSA will waive the applicable licensing course and examination for representative level licensing if the applicant for a representative’s license has been unlicensed as an associate broker or managing broker for less than five (5) years immediately preceding the date of application. 
  • Previously licensed brokers who have been unlicensed for more than five (5) years and wish to be relicensed as representatives are not eligible for education waivers and will be required to qualify for licensing by: 
    1. Successfully completing the applicable service category licensing examination. 
    2. Completing the applicable supplemental examination(s) if the applicant wishes to relicense for more than one service category. 
    3. Completing an accelerated version of the Residential or Commercial Trading Services Applied Practice course if it is more than two (2) years since the Residential or Commercial Trading Services Applied Practice course was completed (for trading services only). 
    4. If you have passed the Broker’s Licensing Examination in the last five (5) years. 
Leaves 
4-2 (1) Parental Leave 

A parental leave of up to eighteen months is available to either parent and may begin as early as 12 weeks before the expected date of birth and may be taken at any time up to eighteen months following the birth or adoption of a child. Real estate representatives who wish to take a parental leave must surrender their license and submit a written request for parental leave to BCFSA, supported by a birth certificate including parents’ names or proof and/or verification of adoption. 

Upon receipt of a parental leave request, BCFSA will provide written permission for the leave, including start and end dates of the leave. On or before the end date of the parental leave, you must apply for relicensing in order to resume providing real estate services. 

Parental leave is not considered a break in licensing history under the Representative’s Education Requalification Waiver Policy. Should you wish to take additional leave following a parental leave, you may do so in accordance with the Representative’s Education Requalification Waiver Policy. Your Education Requalification Waiver Period will be calculated from the end date of the parental leave. To obtain confirmation of your Education Requalification Waiver Period, please submit a written request to: [email protected]

Parental leaves may not be taken in combination with other leaves except in certain situations where medical issues arise during pregnancy or childbirth. Parental leaves may not be taken consecutively. 

4-2 (2) Medical Leaves 

A medical leave of up to one (1) year is available to licensees. Licensees who wish to take a medical leave must surrender their license and submit a written request for leave to BCFSA, supported by: 

  1. A full description of the reason why you are/were unable to work 
  2. Supporting documentation to verify your condition, such as: 
    1. Letters from treating medical providers that include the following details: 
      1. The severity of your condition/diagnosis which leaves you unable to work; 
      2. The dates you have been under the medical provider’s care; and 
      3. The approximate date you will be able to return to work. 
  3. Records of disability payments or other similar documents (if applicable) 

Upon receipt of a medical leave request, BCFSA will provide written permission for the leave, including start and end dates of the leave. On or before the end date of the medical leave, you must apply for relicensing in order to resume providing real estate services. 

Medical leave is not considered a break in licensing history under the Representative’s Education Requalification Waiver Policy. Medical leaves may not be taken in combination with other leaves. 

Should you wish to take additional leave following a medical leave, you may do so in accordance with the Representative’s Education Requalification Waiver Policy. Your Education Requalification Waiver Period will be calculated from the end date of the medical leave. To obtain confirmation of your Education Requalification Waiver Period, please submit a written request to: [email protected].

4-2 (3) Compassionate Care Leave 

Compassionate care leave of up to twenty-eight (28) weeks is available to licensees to care for a family member who is gravely ill. Licensees who wish to take compassionate care leave must surrender their license and submit a written request for leave to BCFSA, enclosing a copy of a medical certificate. The total amount of leave that may be taken is twenty-eight (28) weeks in a twelve-month period. 

Compassionate care leave will not be considered a break in licensing history under the Representative’s Education Requalification Waiver Policy. Compassionate care leaves may not be taken in combination with other leaves. 

Should you wish to take additional leave following a compassionate care leave, you may do so in accordance with the Representative’s Education Requalification Waiver Policy. Your Education Requalification Waiver Period will be calculated from the end date of the compassionate care leave. To obtain confirmation of your Education Requalification Waiver Period, please submit a written request to: [email protected].

Part 5 – Remedial Education 

5-1 

Remedial education is the course of studies or training prescribed by BCFSA pursuant to section 43-2(f) of the Real Estate Services Act. Remedial Education courses are provided by the UBC Sauder School of Business, Real Estate Division for licensees required to complete a remedial course of studies. These courses consist of selected material from the licensing course as well as instructive information collected from recent disciplinary decisions. 

Additional remedial education requirements may be selected from existing licensing course material, from existing continuing education courses, or from such other sources as determined by a Consent Order Review Committee or a Discipline Hearing Committee. 

Completion of these requirements is as prescribed by a consent order or discipline hearing decision. 

II. Licensing Guidelines for Individuals 

Part 1 – Licensing Requirements 

1-1 Reinstatement of license (Transfer) (inoperative LESS THAN 90 days within a license period) 

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

  1. Submit an Application for Representative, Associate Broker or Managing Broker license form; and 
  2. Submit the appropriate fee. 

1-2 Reinstatement of license (inoperative MORE THAN 90 days within a license period) 

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

  1. Submit an Application for Representative, Associate Broker or Managing Broker license form 
  2. Submit a copy of a piece of valid, government-issued photo identification along with your license application — click here for more information 
  3. Submit the appropriate fee
  4. Submit an original criminal record check from the applicant’s local police agency and submit it along with the license application to BCFSA — click here for more information 
  5. An additional errors and omissions insurance assessment may be required if a refund of the insurance assessment has been made 

1-3 Re-licensing Applicant (after previous license has expired) 

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

Individuals whose license period has expired must: 

  1. Submit an Application for Representative, Associate Broker or Managing Broker License form 
  2. Submit the appropriate fee
  3. Submit an original criminal record check from the applicant’s local police agency and submit it along with the license application to BCFSA — click here for more information 
  4. Submit a copy of a piece of valid, government-issued photo identification along with your license application — click here for more information 
  5. License fee, the insurance assessment, the Superintendent of Real Estate assessment, and the Real Estate Compensation Fund assessment are for a two-year period on an anniversary date basis 

1-4 Change of license Level or Category  

Individuals holding a current license who seek to change their level or category of license during the current license 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 license form 
  2. Submit the appropriate fee
  3. If a paper license has been issued, arrange for the return of license with an appropriate notation on the reverse side 

1-5 Name Change 

If a licensee changes their legal name, the following procedures must be completed: 

  • Submit a Request for Individual Name Change form, accompanied by the fee referred to below 
  • Enclose a copy of Change of Name Certificate, Marriage license, or Birth Certificate, as applicable 
  • Submit the appropriate fee
  • If a paper license has been issued, arrange for the return of the existing license certificate for amendment 

1-6 Renewal of license 

Approximately six weeks before your license expiry date, you will receive an email notifying you that your renewal application is due, with instructions for renewing your license online. 

If you do not wish to renew your license online, you may complete and return a renewal application form to BCFSA’s office. You must complete and submit your online or paper renewal application to BCFSA at least 30 days prior to your license expiry date. Include the appropriate license renewal fees

You must ensure you have completed all continuing education course requirements prior to submitting your renewal application. 

It is your responsibility to ensure that you are properly licensed. 

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

1-7 Surrender of license 

If a paper license has been issued, it must be returned to BCFSA’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. 

If no paper license was issued, the authorized signatory of the employing brokerage (e.g., managing broker, director, officer, or partner) must complete the license surrender using the Real Estate Portal

Licensees surrender their license should request in writing from BCFSA their education requalification 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 Requalification Policy). 

Part 2 – BCFSA Guidelines 

2-1 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 BCFSA has approved the name (see Licensee Names for further information). 

2-2 Application for Pre-Screening 

Repealed effective January 23, 2018. 

2-3 “Good Reputation” – Guidelines 

Replaced with the Good Reputation, Suitability and Fitness Guidelines effective November 16, 2020 

2-4 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 they hold a separate license under the Mortgage Brokers Act. Real estate licensees may be dually licensed under the Real Estate Services Act and Mortgage Brokers Act

2-5 Time of Issuance and Surrender of licenses 

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

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

2-6 Waiver of Assessment for Certain Categories of license 

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 licenses 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 license. 

The assessment for the Real Estate Compensation Fund is $300 for each individual and $500 for brokerages. Multiple managing brokers who are licensed with a maximum of 4 separate, affiliated companies or 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 $300 compensation fund assessment once, with their first managing broker license. 

2-7 Refund of Licensing Fee and Assessments 

The licensing fee is not refundable once a license is issued. If an application is withdrawn for any reason prior to license issuance, the application fee of $100 for new applications and $50 for renewal and reinstatement applications is not refundable. The assessment for the Real Estate Special Compensation Fund is not refundable once a license 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 

2-8 Managing Brokers 

2-1 Section 6-1(a) of the Real Estate Services Act requires that a brokerage must have one or more managing brokers and section 28(1) of the Real Estate Services 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 and Rules. 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. 

2-9 Managing Broker May be Licensed in Relation to a maximum of 4 Affiliated Brokerages (section 4 of the Real Estate Services Rules) 

A managing broker may: 

  1. Be licensed in relation to a maximum of 4 brokerages that are affiliated within the meaning of the Business Corporations Act 
  2. Provide real estate services in relation to the license of each of those brokerages. 

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

As evidence of affiliation, BCFSA 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 licenses, these additional licenses will then be identified as a “multiple managing broker license”. The multiple managing broker licenses are not required to carry separate errors and omissions insurance. Accordingly, if the individual then wishes to transfer their license to another firm, only the “managing broker” license will be used for transfer and the “multiple managing broker” licenses will be terminated. 

2-10 Managing Broker May be Licensed in Relation to a maximum of 4 licenses of a Brokerage (section 5 of the Real Estate Services Rules) 

A managing broker may be licensed in relation to a maximum of 4 licenses 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 licenses. The maximum number of managing broker licenses an individual may hold, whether in relation to branch offices or affiliated brokerages, is 4. 

III. Licensing Guidelines for Brokerages 

Part 1 – Licensing Requirements 

1-1 Name or Address Changes 

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

  1. Obtain approval from BCFSA 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 BCFSA’s records being amended. In order to assist applicants, BCFSA 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. If a paper license has been issued, arrange for the return of the existing license certificate for the brokerage or branch office for amendment. All licensed offices of the brokerage must have their licenses amended in the case of a name change. The licenses of related licensees are not required to be amended. 
  4. Submit the appropriate fee 
  5. Submit a copy of the city or municipal business license 
  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. 

1-2 Renewal of license 

Approximately six weeks before your brokerage or branch license expiry date, you will receive an email notifying you that the renewal application is due, with instructions for renewing the license online. Brokerages are required to complete and return the online or paper renewal to BCFSA’s office 30 days prior to license expiry, pursuant to section 14(2) of the Real Estate Services 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 license renewal of corporations, partnerships, sole proprietors and branch offices. Branch offices do not pay the errors and omissions insurance or compensation fund assessments. 

1-3 Surrender of Brokerage license 

Brokerage Obligations when Surrendering its license and Winding Up Business (section 93 of the Real Estate Services Rules): 

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

  1. Immediately surrender to BCFSA the brokerage’s licenses and the licenses of all related licensees that are in the possession of the brokerage;  
  2. Promptly submit to BCFSA the Brokerage Winding Up Report form;
  3. If requested by BCFSA, submit to BCFSA one or more of the financial statements and reports required under section 75 [annual financial statements, accountant’s report and brokerage activity report] of the Real Estate Services Rules; and 
  4. As requested by BCFSA, provide to BCFSA: 
    1. any other financial records of the brokerage, and 
    2. any further information about the business of the brokerage; and 
  5. Arrange for the records referred to in section 92 [retention of records] of the Real Estate Services Rules to be kept, for the period referred to in that section, by 
    1. another brokerage; 
    2. an accountant, lawyer or notary public; or 
    3. another person acceptable to BCFSA. 

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 license. 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 license 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

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 Regulatory Information

Please ensure that BCFSA 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 (Regulatory Statement RESA 21-004: Brokerage Reporting Requirements) could delay the license reissuance of a license to any managing broker, director, officer, partner or sole proprietor of the brokerage. 

Part 2 – BCFSA Guidelines 

2-1 Licensee Names for Brokerage Applicants 

If an applicant for a new brokerage license has a legal name or a trade name (see Licensee Names for further information) that is likely to confuse or mislead the public, BCFSA may refuse to issue the license. Before refusing to issue the license, BCFSA 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 BCFSA refuses to issue a license because of the legal name or trade name, it must: 

  1. Provide the applicant with a written notice of the refusal and the reasons for it; and 
  2. 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) 

BCFSA 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. BCFSA 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. 

2-2 Trade Names 

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

For example, a license could be issued showing 

“A.B.C. Realty Ltd. 

dba 

Bombay Realty” 

OR 

“John Doe 

dba 

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 BCFSA and registered with the Registrar of Companies. The real estate licenses would then have to be amended. 

2-3 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 BCFSA and registered with the Registrar of Companies. BCFSA may require a copy of the licensing agreement or “consent for use of name” from the franchisor. If necessary, real estate licenses 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. 

2-4 Financial Statements 

Regulatory Statement RESA 21-002 [Required Form and Content of Licence Applications] requires that a financial statement accompany each application for a brokerage’s license and 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 BCFSA. 

PLEASE NOTE: The Financial Statement must be: 

  1. Verified by the solemn declaration of the proposed managing broker or sole proprietor deposing to the accuracy of the financial statement 

    OR  
  2. 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. 

2-5 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 license.) 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 licenses 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 BCFSA 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. 

2-6 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 license 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 BCFSA on a case-by-case basis. 

2-7 Good Reputation – Managing Brokers/Sole Proprietors 

Replaced with the Good Reputation, Suitability and Fitness Guidelines effective November 16, 2020 

2-8 Waiver of Assessment for Certain Categories of license 

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 licenses 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 license. 

The assessment for the Real Estate Compensation Fund is $300 for each individual and $500 for brokerages. Multiple managing brokers who are licensed with a maximum of 4 separate, affiliated companies or 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 $300 compensation fund assessment once, with their first managing broker license. 

2-9 Refund of Licensing Fee and Assessments 

The licensing fee is not refundable once a license is issued. If an application is withdrawn for any reason prior to license issuance, the application fee of $100 for new applications and $50 for renewal and reinstatement applications is not refundable. 

The assessment for the Real Estate Special Compensation Fund is not refundable once a license 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