1.3 The real estate services act (UBC
CH2)
The real estate services act - ANS-A person must NOT provide real estate services to or on
behalf of another, for or in expectation of remuneration, unless the person is licensed or exempt
from the requirement to be licensed
Remuneration = - ANS-Money
Levels of licensing - ANS-1. Brokerage (physical location)
2. Managing broker (office manager)
3. Associate broker (assistant manager)
4. Representative (me)
Why are you called a representative - ANS-Because you represent your brokerage
Brokerage? - ANS-Licensee provides services on behalf of the brokerage
Managing broker - ANS-A licensee who is responsible for the brokerage, has control, and
conducts and supervises agents
What is the managing broker responsible for - ANS-- may employ agents
- maintain brokerage's books, accounts and records - must keep these records in BC for 7 years
- responsible for the agents actions
- must have a manager broker, whose license will determine the services the brokerage is
permitted to offer
- Managing a brokerage
- Exercising the rights conferred on the brokerage
- control and conduct of the brokerage's real estate business
- supervision of its related licensees
Managing broker liability - ANS-The brokerage will be vicariously liable for the fraud committed
by brokerage's employee. It may also be disciplined by the BCFSA
BCFSA - ANS-BC financial services authority
Qualifications for licensing - ANS-- be at least 19 years old
- be of good reputation
- meet educational requirements
Qualifications for managing broker - ANS-- be at least 19 years old
- be of good reputation
, - 2 years of licensed experience during the 5 years before the date of the application
- must meet education and experience required by the rules
Licensee requirements - ANS-- term = 2 years
- can work for only one brokerage at a time
- can only do services permitted by the brokerage
- can only accept remuneration from your brokerage
- all contacts with clients will be in the name of your brokerage
- when you take a listing, it is your brokerage's listing
- when you help a buyer, it is your brokerage's buyer
What if the brokerage lost its license - ANS-Cancellation/suspension of brokerage license
impacts all licenses within the brokerage (they can't practice until they find a new brokerage)
What if the managing broker has lost his license? - ANS-Will not effect the license status of the
brokerage or licensee
Managing broker will be replaced
(If there is an associate manager they will replace)
What if a representative lost their license? - ANS-Cannot work as a licensee or collect
remuneration
What type of law is the real estate licensing act apart of? - ANS-Provincial statute (provincial
legislation)
3 "real estate services" (under RESA) - ANS-1. Trading services
2. Rental property management services
3. Strata management services
(Services are provided on behalf of your brokerage (clients, buyers, sellers belong to your office)
What are the exceptions/exemptions to real estate licenses (no need to have a real estate
license for) - ANS-- for sale by owner
- collection agents
- notaries
- Accountants
- appraisers
- person acting on behalf of developers
Trading services - ANS-Selling/buying, open houses, finding properties, trading
Rental property management services - ANS-Collecting rents, negotiating, making payments,
collecting strata fees
CH2)
The real estate services act - ANS-A person must NOT provide real estate services to or on
behalf of another, for or in expectation of remuneration, unless the person is licensed or exempt
from the requirement to be licensed
Remuneration = - ANS-Money
Levels of licensing - ANS-1. Brokerage (physical location)
2. Managing broker (office manager)
3. Associate broker (assistant manager)
4. Representative (me)
Why are you called a representative - ANS-Because you represent your brokerage
Brokerage? - ANS-Licensee provides services on behalf of the brokerage
Managing broker - ANS-A licensee who is responsible for the brokerage, has control, and
conducts and supervises agents
What is the managing broker responsible for - ANS-- may employ agents
- maintain brokerage's books, accounts and records - must keep these records in BC for 7 years
- responsible for the agents actions
- must have a manager broker, whose license will determine the services the brokerage is
permitted to offer
- Managing a brokerage
- Exercising the rights conferred on the brokerage
- control and conduct of the brokerage's real estate business
- supervision of its related licensees
Managing broker liability - ANS-The brokerage will be vicariously liable for the fraud committed
by brokerage's employee. It may also be disciplined by the BCFSA
BCFSA - ANS-BC financial services authority
Qualifications for licensing - ANS-- be at least 19 years old
- be of good reputation
- meet educational requirements
Qualifications for managing broker - ANS-- be at least 19 years old
- be of good reputation
, - 2 years of licensed experience during the 5 years before the date of the application
- must meet education and experience required by the rules
Licensee requirements - ANS-- term = 2 years
- can work for only one brokerage at a time
- can only do services permitted by the brokerage
- can only accept remuneration from your brokerage
- all contacts with clients will be in the name of your brokerage
- when you take a listing, it is your brokerage's listing
- when you help a buyer, it is your brokerage's buyer
What if the brokerage lost its license - ANS-Cancellation/suspension of brokerage license
impacts all licenses within the brokerage (they can't practice until they find a new brokerage)
What if the managing broker has lost his license? - ANS-Will not effect the license status of the
brokerage or licensee
Managing broker will be replaced
(If there is an associate manager they will replace)
What if a representative lost their license? - ANS-Cannot work as a licensee or collect
remuneration
What type of law is the real estate licensing act apart of? - ANS-Provincial statute (provincial
legislation)
3 "real estate services" (under RESA) - ANS-1. Trading services
2. Rental property management services
3. Strata management services
(Services are provided on behalf of your brokerage (clients, buyers, sellers belong to your office)
What are the exceptions/exemptions to real estate licenses (no need to have a real estate
license for) - ANS-- for sale by owner
- collection agents
- notaries
- Accountants
- appraisers
- person acting on behalf of developers
Trading services - ANS-Selling/buying, open houses, finding properties, trading
Rental property management services - ANS-Collecting rents, negotiating, making payments,
collecting strata fees
