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RESA 24-003 - Educational Requirements for a New Licence or a Licence Renewal

RESA 24-003 - Educational Requirements for a New Licence or a Licence Renewal

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  • REGULATORY STATEMENT NUMBER: RESA 24-003

    TITLE: Educational Requirements for a New Licence or a Licence Renewal

    LEGISLATION: Real Estate Services Act (“RESA”)

    DATE: February 9, 2024

    DISTRIBUTION: All licensees under RESA

Purpose

This Regulatory Statement provides the education requirements for an application for a new licence or to renew a licence under the Real Estate Services Act (“RESA”).

Background Information

Section 10 of RESA states that an applicant for a new licence or licence renewal must satisfy the Superintendent of Real Estate (the “Superintendent”) that they meet the qualification requirements to be licensed. Section 10 also provides the authority for the Superintendent to specify continuing education requirements to renew a licence.

Section 123.1 of RESA provides that the Superintendent may establish fees for educational courses.

Section 9 of the Real Estate Services Rules (the “Rules”) provides that an Applicant for a new licence must have completed the applicable licensing courses, as specified by the Superintendent, respecting the real estate services in relation to which the application is made.

RESA, the Real Estate Services Regulation, and the Rules provide additional requirements and authorities related to licensing, beyond those contained in this Regulatory Statement.

Requirements

Part 1: Applicable Licensing Courses Required to Apply for a New Licence

To apply for a new licence, an applicant who is an individual must successfully complete the licensing courses in the table below, as applicable to the category and/or level of level of licence to which the application relates:

Category of Real Estate ServicesRepresentativeAssociate Broker or Managing Broker
TradingReal Estate Trading Services Licensing Course Residential or Commercial Trading Services Applied Practice CourseBroker’s Business Planning and Financial Management Licensing Course
Rental Property Management ServicesRental Property Management Licensing CourseBroker’s Business Planning and Financial Management Licensing Course
Strata Management ServicesStrata Property Management Licensing CourseBroker’s Business Planning and Financial Management Licensing Course

Part 2: Continuing Education Courses Required to Apply to Renew a Licence

In order to have a licence renewed, an applicant for licence renewal who is an individual must have:

  1. Completed the applicable continuing education courses respecting the real estate services and the level of licence in relation to which the application is made; and
  2. Passed the examinations corresponding to those courses prior to the date the licence is renewed.

The Superintendent’s required continuing education courses for all licence levels are listed below:

  1. One Legal Update course respecting the real estate services to which the application is made must be completed during the two-year licence term in order to be eligible for licence renewal; and
  2. One applicable Ethics course must be completed during the two-year licence term.

Part 3 Fees for Educational Courses

The table below provides the approved fees for education courses collected by BCFSA:

Course Type Course Title Fee
LicensingTrading Services Applied Practice Course (Residential or Commercial)$875
Continuing EducationLegal Update$275
Continuing EducationEthics$175

The fees for courses provided by BCFSA-designated, third-party providers, such as the Sauder School of Business, are determined by those providers and can be found on their corresponding websites.

Other Information

For inquiries related to licensing education requirements, please email [email protected].

Regulatory Statements establish the form and content of a regulatory submission; prescribe the manner of meeting or enforcing a requirement existing in an enactment; and/or provide the regulator’s view of the laws that BC Financial Services Authority administers. Regulatory Statements are made pursuant to a requirement or power contained in provincial legislation. Compliance with a Regulatory Statement is therefore mandatory. Regulatory Statements may refer to law, practice, or background existing at the time of publication. If relying on the legal information contained in a Regulatory Statement, confirm that any references to the law, including enabling legislation, are up to date and obtain independent legal advice, when needed. Regulatory statements are effective on the date of their publication, unless stated otherwise.