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When surrendering a licence, the authorized signatory of the employing brokerage (e.g., managing broker, director, officer, or partner) must complete the license surrender using IRIS.
Licensees surrendering their license may 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).
When a real estate licensee applies to BCFSA to transfer their licence to another brokerage, we will notify the managing broker. Upon receiving this notification, the managing broker must surrender the individual’s licence.
In order to complete the surrender of a licence in IRIS, you will need the full name and licence number of the licensee, which can be found in the notification from BCFSA, and online access to IRIS.
- Login to IRIS. Click on “New Submission”. Select the dropdown “Terminations” and click “Apply”.
- Enter the professional’s full name and licence number in the appropriate fields.
*This information is provided in your email notice to surrender a licence, from BCFSA.
- Enter the surrender date — use the current date.
- Select “Surrender Reason”, then choose “Transfer” or select “Other” if needed.
- Select “Submit”. You will receive an email confirming the licence has been surrendered.
Managing brokers may have the need to surrender a licence of a real estate professional working in your brokerage. In order to surrender a licence, you will need access to IRIS.
- Log in to IRIS. Select the dropdown “Surrender Type”, and choose the professional’s licence you want to surrender.
*Once you have surrendered a licence the licensees name will no longer appear in the list of licensees.
- Enter the surrender date (this should be the current date or a date in the future based on the required surrender date).
- Select the dropdown “Surrender Reason”, and choose the appropriate reason or select “other” if needed.
- Select submit. You will receive an email confirming the licence has been surrendered.
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:
- Immediately surrender to BCFSA the brokerage licence and the licenses of all related licensees in IRIS using the Brokerage Licence Surrender submission;
- Upload a completed Brokerage Winding up Report in IRIS as part of the submission ;
- 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
- As requested by BCFSA, provide to BCFSA:
- any other financial records of the brokerage, and
- any further information about the business of the brokerage; and
- 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
- another brokerage;
- an accountant, lawyer or notary public; or
- 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
- 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
- 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.