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BCFSA’s information provides clear, concise, easy-to-read explanations of the requirements for real estate professionals under the Real Estate Services Act (“RESA”), Real Estate Services Regulation (“Regulation”), Real Estate Services Rules (“Rules”), and other applicable legislation.
This information is intended for use by real estate professionals, to support their understanding of the standards they must meet in the delivery of real estate services.
You are required to promptly (or in two business days) reply to any inquiry addressed to you by BCFSA. When responding, your response must be in writing unless the Executive Officer allows another form of communication. Be sure that you respond no later than the date provided in the communication from BCFSA and advise them if there is going to be any delay.
It is important to note that this definition of “promptly” differs from the definition related to the obligation under the Real Estate Services Rules to deliver deposits and brokerage records to the brokerage “promptly”. In that case, the term “promptly” is defined as immediately, or without delay.Learn more about deposit delivery to your brokerage
When you hold a licence from BCFSA, the licence is issued in your legal name. The information BCFSA has connected to your licence includes your contact information and brokerage you are licensed with. Should there be any changes to your legal name; the name you are authorized to trade under; your contact information such as your mailing address, email or phone number; you must notify BCFSA promptly of the change.
There are several other reasons why you must notify BCFSA. These could include civil, criminal or discipline proceedings.
Some real estate professionals hold real estate licences in multiple jurisdictions (most commonly B.C. and Alberta) while others have secondary employment in other regulated fields. These careers may include being employed as a: securities broker, insurance broker, mortgage broker, accountants, notaries, and lawyers. Since these careers are not related to real estate services, they are permitted under RESA, but should you ever receive a sanction from another regulatory body, you must promptly notify BCFSA in writing.
Additionally, if you are the subject of a court order or judgment against you in relation to real estate services, dealing in insurance, mortgages or securities or because you were found guilty of misappropriation of funds, fraud or breach of trust, you must also promptly notify BCFSA in writing.
Outside of notifying BCFSA of violations relating to your employment, you must promptly notify BCFSA in writing if you are ever charged or convicted of an offence under federal or provincial law, or if you are ever charged by another jurisdiction (including in another province or country). The Real Estate Services Rules provide an exception for any highway traffic offences resulting only in demerit points or monetary fines (traffic tickets).
For any of the above notifications, particulars of the offence must be provided along with any additional documentation requested by BCFSA. BCFSA may contact you to request additional paperwork or commentary. You are required to respond with the appropriate information in the time provided to you by BCFSA. A copy of the notice must also be provided to the managing broker of your brokerage.
While the examples cited above deal with misconduct, there are other financial situations that require you to notify BCFSA. For instance, if you file for personal bankruptcy or make a consumer proposal under Division 1 or 3 of the Bankruptcy and Insolvency Act or the Companies’ Creditors Arrangement Act, or if a third party who is owed funds makes an application to force you into bankruptcy, you must notify BCFSA promptly in writing.
As with the examples discussed above, notices of all court orders or judgments against a company you own, or a company in which you served as a director, officer or partner at any time during the past two years, must be reported to BCFSA in writing if that business operates in relation to real estate services, dealing in insurance, mortgages or securities, or if the business was found to be guilty of misappropriation of funds or breach of trust.
If a business you own or have been a director or partner in during the past two years is subject to bankruptcy, insolvency, or receivership proceedings, that too must be reported. This includes any application for bankruptcy filed against the business, an assignment in bankruptcy made by the business, a bankruptcy order made against the business, and even a proposal made under Division 1 of the Bankruptcy and Insolvency Act or insolvency proceedings including receivership or arrangements under the Companies’ Creditors Arrangement Act.
Should you operate your real estate business as a personal real estate corporation, you must notify BCFSA when you are no longer maintaining attributes of a personal real estate corporation as outlined in Section 10 of the Regulation.
When providing a formal notice to BCFSA, you must include both the particulars of the situation and submit appropriate documentation. This means you must outline the details and circumstances surrounding a charge, conviction, bankruptcy filing, etc.
At times BCFSA may request additional information or documentation. When this happens, you are required to provide any additional documentation requested in the timeline provided in the letter from BCFSA.
At the same time, whenever there is a requirement for you to provide a formal notice to BCFSA, a copy of the notice must be provided to the managing broker of the brokerage you are licensed to. Keeping your broker informed of your communications with BCFSA is important so they can fulfill their obligation to supervise all real estate professionals at the brokerage and ensure that the brokerage is operating within the parameters outlined in RESA, the Real Estate Services Rules, and the Regulation.