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A “real estate team” means a group of two or more licensees that is registered as a real estate team.
A group of two or more licensees must register with BCFSA as a real estate team if the licensees in the group do any of the following in the course of 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.
The registration requirement does not apply if the single entity is a brokerage.
When reviewing team name requests, BCFSA considers the requirements of the Real Estate Services Rules and internal policies. Please see the Teams Information page for details on what a real estate team name should or should not include.
BCFSA will inform the requesting licensee and their managing broker of the outcome of the request.
All real estate advertising published by a team or its individual members must clearly indicate the team’s name. If a team member advertises trading services as an individual, the real estate team name must be included in that advertising.
It is important for consumers to know if a real estate licensee is a member of a team. You must ensure that your real estate team name is clearly indicated while providing trading services to a client.
BCFSA’s Teams Guidelines provide suggested best practices to help real estate licensees understand and apply the teams Rules. Key information to be aware of when operating as a team includes the following:
- Teams must be composed of at least two licensed members;
- Team members cannot provide trading services outside of their team;
- Team members are collectively the designated agent of all the team’s clients;
- Licensees can only be a member of one team at a time; and
- All team members must be related to the same brokerage.
All real estate teams forms can be found as fillable webforms in the Integrated Regulatory Information System (“IRIS”). Licensees no longer need to download, fill, and upload the forms in IRIS, and managing brokers can approve the requests in the same manner as other applications.
The new webforms dictate who can submit the form. For example, a licensee leaving a team must be the one to submit the “Remove Myself From a Real Estate Team” form – not the managing broker or another team member. A licensee joining a team should submit the “Join an Existing Real Estate Team” form, with this going to the managing broker for approval.
You will find the following teams-related application forms in IRIS:
|Register a New Real Estate Team
|$100 ($50 for each of the initial licensees joining the team)
|Join an Existing Real Estate Team
|Change an Existing Real Estate Team Name
|Remove Myself From a Real Estate Team
|Deregister a Real Estate Team
If you have additional questions about how to complete the forms, please contact BCFSA’s Licensing Team.
Find answers to commonly asked questions about real estate teams by visiting our FAQ pages for licensees and consumers:
- Licensees: Real Estate Teams Frequently Asked Questions