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Brokerages

Brokerages

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The brokerage is the company consumers deal within the real estate, property management, and strata management industries. Every brokerage is run by a managing broker, and may have associate brokers and representatives licensed with the brokerage who carry out activities on behalf of the brokerage.

A brokerage may be run as a corporation or partnership, or as a sole proprietorship. Brokerages may have branches, which also require licensing. You’ll find information and step-by-step instructions for licensing each business type, below.

Opening a brokerage is a multi-step process.

The following steps will need to be completed in your submission of a new brokerage, branch office or sole proprietor application in IRIS. Please review all of the information before beginning your submission.

Note that new brokerage applications must be submitted by a director, officer or partner of applicant corporation or partnership.

Contact BCFSA’s Licensing Team if you have questions.

Corporation or Partnership

  • Applicants should seek approval of the intended legal or trade name prior to submitting an application for licensing. In order to assist applicants, BCFSA requests that you complete and submit the “Request for Brokerage Name Approval” submission in IRIS.

    If the brokerage is going to do business under a name other than its legal name, the trade name or franchise name must be registered with the Registrar of Companies in Victoria prior to licensing.

    If using a franchise name, you will be required to upload a copy of your “consent for use of name” from the franchisor in the requirements section of the submission. A copy of your franchise or licensing agreement may also be requested.

  • Complete the Application for Brokerage Licence: Corporation or Partnership submission in IRIS. The new brokerage application must be submitted by a director, officer or partner of the applicant corporation or partnership. Include the following information below with your submission.

  • A Director, Officer or Partner Information form, available in the requirements step of the new brokerage submission, must be completed by all directors, officers or partners and uploaded as part of the brokerage submission. If the individual is not currently licensed, or has not been licensed or registered as a director, officer or partner in BC under the Real Estate Services Act in the last 90 days, they must include:

    • A copy of a piece of valid, government-issued photo identification. Check the photo identification requirements
    • A criminal record check, current within the 90 days preceding their submission. If they obtained their criminal record check via the Triton link on the BCFSA website you will be prompted to indicate that in the requirements step in the submission. If they obtained their criminal record check from the local police or RCMP detachment you must upload a copy of the criminal record check document. We do not require the original criminal record check to be forwarded to BCFSA’s office.

    If your brokerage is an extra-provincially registered company you will need to upload a copy of your corporate resolution confirming the officers and directors.

    Regulatory Statement RESA21-002 (Required Form and Content of Licence Applications) requires every new director or officer of a corporate applicant to submit a Director, Officer or Partner Information form immediately following his/her election or appointment.

    A change of partners in a partnership requires an application for a new brokerage license.

  • Every brokerage must have a managing broker, licensed with the same service categories as the brokerage. Your managing broker applicant must submit their application submission separately in the IRIS portal. If the managing broker is not going to be the same person as the director, officer or partner that is submitting the brokerage application, contact BCFSA Licensing after the brokerage application is submitted to obtain a brokerage number in order for the managing broker to apply. They will need to activate an account in IRIS if they do not already have a IRIS login in order to complete their submission.

  • To ensure a newly licensed brokerage has sufficient working capital available to meet its expenses for at least the first three months of operations, including any additional unanticipated expenses that may arise, BCFSA requires brokerage applicants to submit current financial statements (within the four months preceding the date of application).

    Financial forms are included as part of the brokerage application submission and must be uploaded at the requirements step. You may preview the forms in advance in order to prepare for your submission and have them ready to upload.

    If you are applying to license an extra-provincial company, the financial statements must be prepared for the entire organization.    

    The company must show three months projected expenses plus $5,000 in unimpaired working capital (i.e., cash in the bank), in order to qualify for licensing. If shareholders’ loans are required to achieve this position, it is necessary that a subordination agreement be executed between the shareholders and the applicant in the form provided by BCFSA. Eighty percent of accounts receivable may be treated as a current asset.

    You will note that the balance sheet and supporting schedules include entries for accounts receivable, accounts payable, capital assets, among others. If the brokerage applicant is a brand-new incorporation with no past business or financial history, BCFSA is aware that some of these entries may be unnecessary, with possibly the only asset and liability entries being the required cash amount and a corresponding shareholders loan.

    The Financial Statement must be:

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

    OR

    Certified by an accountant as to the accuracy of the financial statement. (Compilation Engagement Report, Review Engagement Report or Audit Report are acceptable).

    The Form A – Brokerage Operating Expenses that is included with the financial forms is intended to assist in estimating expenses and must be uploaded as part of your financial statements.

    Please note that a brokerage must file an annual Accountant’s Report and review engagement financial statements (if extra-provincial, for the entire organization), within 120 days of the fiscal year end. For more information on requirements, see the Accountant’s Reports page.  

  • Fiscal Year [Regulatory Statement RESA21-002 (Required Form and Content of Licence Application)]:

    The proposed fiscal year of the applicant in relation to brokerage activities must be indicated in the application submission.

  • Business licence [Regulatory Statement RESA21-002 (Required Form and Content of Licence Applications)]:

    Upload a copy of the city or municipal business licence. BCFSA is aware there is often a waiting period to receive an original business licence. As a result, a copy of the paid application for business licence showing the brokerage name and address is acceptable to BCFSA for the purpose of licensing.

    If no business licence is required for the brokerage in your area, please attach a letter from the local government authority advising that a licence is not required.

    If the licence is for a residential brokerage office under section 6 (residential brokerage offices) of the Real Estate Services Rules, the applicant must provide evidence satisfactory to BCFSA:

    • That the local government bylaws applicable to the residence permit the brokerage to conduct business from the residence; and
    • Of any restrictions established by local government bylaw limiting the persons who may conduct business from the brokerage office.

    Please attach a copy of the home-based business bylaws for your area with the brokerage application.

    In the case of a residential brokerage office, confirmation of the shareholder structure of the brokerage is also required. Find out further information regarding residential brokerage offices.

  • Review the important information contained in BCFSA’s Real Estate Licensing Guidelines and in the Knowledge Base.

Branch Office

  • Complete the Application for Licence: Branch office submission in IRIS. The new branch office application must be submitted by a managing broker, director, officer or partner of corporation or partnership. Include the information in the steps below in your submission.

  • The managing broker applicant for this new branch office must submit their application submission separately in IRIS. If the managing broker is not going to be the same person as the director, officer or partner that is submitting the branch office application, contact BCFSA Licensing after the branch office application is submitted to obtain a brokerage number in order for the managing broker to apply.

  • Business licence [Regulatory Statement RESA21-002 (Required Form and Content of Licence Applications)]:

    Upload a copy of the city or municipal business licence. BCFSA is aware there is often a waiting period to receive an original business licence. As a result, a copy of the paid application for business licence showing the company name and address is acceptable to BCFSA for the purpose of licensing.

    If no business licence is required for the brokerage in your area, please submit a letter from the local government authority advising that a licence is not required.

    If the licence is for a residential brokerage office under section 6 (residential brokerage offices) of the Real Estate Services Rules, the applicant must provide evidence satisfactory to BCFSA:

    • That the local government bylaws applicable to the residence permit the brokerage to conduct business from the residence; and
    • Of any restrictions established by local government bylaw limiting the persons who may conduct business from the brokerage office.

    Please attach a copy of the home-based business bylaws for your area with the branch office application.

    Find out more information regarding residential brokerage offices.

  • Review the important information contained in BCFSA’s Real Estate Licensing Guidelines and in the Knowledge Base.

Sole Proprietor

  • If you are doing business under a name other than your legal name, please obtain approval of the intended trade name from BCFSA prior to submitting an application for licensing. In order to assist applicants, BCFSA requests that you complete and submit the “Request for Brokerage Name Approval” in IRIS.

    If you are using a trade or franchise name, it must be registered with the Registrar of Companies in Victoria prior to licensing. If using a franchise name, please include a copy of your “consent for use of name” from the franchisor. A copy of your franchise or licensing agreement may also be requested.

  • Contact BCFSA’s Licensing Team at [email protected] once you are ready to submit your Sole Proprietor application. The Licensing Team will create a service request for you in IRIS to attach your documents as well as to invoice the appropriate fee based on your licence status after your application is reviewed.

  • Financial Statements [Regulatory Statement RESA21-002 (Required Form and Content of Licence Applications)]:

    Submit a current (i.e., within the four months preceding the date of application) certified personal financial statement as evidence of the total unimpaired working capital requirement as noted on the “Application for licence: Sole Proprietor” form. Completion of Form A – Brokerage Operating Expenses, is also required. An unconditional subordination agreement must be completed if any capital has been borrowed. Copies of the financial forms are available in the Application for licence: Sole Proprietor submission accessed in IRIS.

    The Financial Statement must be:

    • Verified by the solemn declaration of the sole proprietor deposing as to the accuracy of the financial statement;

      OR
    • Certified by an accountant as to the accuracy of the financial statement (Compilation Engagement Report, Review Engagement Report or Audit Report are acceptable).

  • Fiscal Year [Regulatory Statement RESA21-002 (Required Form and Content of Licence Applications)]:

    The proposed fiscal year of the sole proprietorship in relation to brokerage activities must be indicated on the application for licensing.

  • Business licence [Regulatory Statement RESA21-002 (Required Form and Content of Licence Applications)]:

    Submit a copy of the city or municipal business licence. BCFSA is aware there is often a waiting period to receive an original business licence. As a result, a copy of the paid application for business licence showing the brokerage name and address is acceptable to BCFSA for the purpose of licensing.

    If no business licence is required for the brokerage in your area, please submit a letter from the local government authority advising that a licence is not required.

    If the licence is for a residential brokerage office under section 6 [residential brokerage offices] of the Real Estate Services Rules, the applicant must provide evidence satisfactory to BCFSA:

    • That the local government bylaws applicable to the residence permit the brokerage to conduct business from the residence; and
    • Of any restrictions established by local government bylaw limiting the persons who may conduct business from the brokerage office

    Find out further information regarding a residential brokerage office.

  • Review the important information contained in BCFSA’s Real Estate Licensing Guidelines and in the Knowledge Base.