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Managing or Associate Brokers

Managing or Associate Brokers

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Considering upgrading your real estate licence to become a managing broker or associate broker? These advanced levels of licensing require additional education and at least two years of experience as a representative.

Associate Broker

Associate brokers have completed all the education required to become a managing broker, but are not in charge of a brokerage. To be licensed as an associate broker, you must successfully complete the Broker’s Business Planning and Financial Management Licensing course. An associate broker has the option to become a managing broker without further education.

Managing Broker

It is a requirement of the Real Estate Services Act (“RESA” or “the Act”) that every brokerage have a managing broker in place at all times. The managing broker provides a “second look” at the work of all real estate professionals in the brokerage. They are a source of information and advice for the professionals they supervise and for members of the public.

A managing broker’s responsibilities apply to all activities of the brokerage that require licensing under RESA. The managing broker must be in active charge of the business of the brokerage and must ensure that there is an adequate level of supervision of the professionals engaged by the brokerage.

Managing brokers must:

  • Be actively engaged in the management of the brokerage;
  • Ensure that the business of the brokerage is carried out competently and in accordance with the Act, Real Estate Services Regulation, Real Estate Services Rules, Regulatory Statements, and BCFSA Administrative Processes;
  • Ensure that there is an adequate level of supervision for related licensees, employees and others who perform duties on behalf of the brokerage;
  • Take reasonable steps to deal with improper conduct of which they are aware;
  • Ensure that trust accounts and records are maintain in accordance with the Act, Real Estate Services Regulation, Real Estate Services Rules, Regulatory Statements, and BCFSA Administrative Processes;
  • Ensure proper management of and control of documents and other records relating to licensing and regulatory requirements; and
  • Ensure that all parties are notified in writing if a deposit that was to be held as stakeholder monies was not received or has not been honoured.

Upgrading Your Licence

To upgrade your licence and become an associate broker or managing broker, you must first successfully complete the Broker’s Business Planning and Financial Management Licensing course at the UBC Sauder School of Business, Real Estate Division. To be eligible to register in the course, you must have been licensed as a representative for six months.

Before your licence will be upgraded, you must have been licensed as a representative for a minimum of two years during the preceding five years.

You may become licensed at the broker level for a single licence service category or a combination of service categories (e.g. trading and/or rental and/or strata management services). If you wish to add service categories to your licence at the time that you upgrade your license to the broker level, you must complete the appropriate Supplemental course(s).

Individuals who have been licensed since 1994 or earlier and who wish to continue providing rental property management services at the broker level must complete the Rental Property Management Supplemental course and Examination in addition to completing the Broker’s Business Planning and Financial Management Licensing course and Examination.

Step-by-Step Licensing Guide

  • The Broker’s Business Planning and Financial Management Licensing course is offered by the UBC Sauder School of Business, Real Estate Division. In this blended learning course, you will complete 20 multiple choices and 3 written review assignments. There is a 3-hour final exam with both multiple choice questions and questions requiring written responses.

    Students in the licensing course must:

    • Complete all course assignments within one year of registering. The course assignments take a minimum of 10 weeks to complete. On average, most individuals complete the course and exam within six months, based on completing one assignment a week. Each assignment takes approximately 10-12 hours to complete.
    • Obtain a minimum grade of 70% on the licensing examination.

    The course covers a variety of topics and more detailed information can be found in the Table of Contents.

    If you feel that you have previous education or experience that would exempt you from either the Broker’s Business Planning and Financial Management Licensing course or Examination, please review BCFSA’s Education Exemption Guidelines.

    For more course information and online course registration, please visit the UBC Sauder School of Business, Real Estate Division’s Broker’s Business Planning and Financial Management Licensing course webpage.

  • After successful completion of the Broker’s Business Planning and Financial Management Licensing course and Examination, you must apply to change your licence status to Associate or Managing Broker with BCFSA.

    Sign up or log in to IRIS and submit a Change of Level or Category application submission.

    Find out BCFSA’s licensing fees.

  • Complete the appropriate Supplemental course and Examination through the UBC Sauder School of Business, Real Estate Division to add service categories (e.g. trading and/or rental and/or strata management services). For more information about adding a category to your licence, see our Frequently Asked Questions.

    The Continuing Education Program (CE) requires licensees to complete required continuing professional education during each two-year licensing period as a condition of continued licensing.

  • Before you make the commitment to becoming licensed as an Associate or Managing broker, it is important to consider all the costs you may encounter and budget appropriately. Some of the costs to consider include: