A real estate agent needs a real estate license to do work, including selling or leasing real estate.
It’s also required for most trades in real estate-related business.
But it’s a requirement for licensed real estate brokers and other sales agents, too.
Here are the rules for licensed sales agents and brokers.
What’s a licensed realtor?
A realtor is a licensed person who has a licence in the province to sell and/or lease real estate in the Greater Vancouver Area, or in any of the Greater Victoria, New Westminster, Prince George, North Vancouver, Burnaby, Langley, Burnside, North Surrey or Delta regions of British Columbia.
A realtors licence also requires the realtor to meet certain standards.
The licence holder is required to register with the Real Estate Branch of the BC Government, and to pass a criminal background check and undergo drug and alcohol testing.
There are several reasons why a realtor might want to get a realtor’s licence: If the realtorese is acting as agent for a corporation or limited liability company, or if the person is providing services for a company that is engaged in the business of selling or renting real estate for residential or commercial use.
If the licensed realtorer has a valid commercial license or a valid licence for the sale or rental of residential or business real estate issued by the Province of British Colombia.
Licences for licensed agents are issued by B.C. Real Estate Boards.
Licence requirements vary by jurisdiction, but the requirements are generally similar.
What are the requirements for a real property agent?
A licensed realty agent must: Be at least 17 years old and not hold a trade licence, have not been convicted of an offence in B.K.C., and meet the requirements set out in the Real Property Act.
A license is valid for two years.
A licensed agent must not have any commercial or professional license or registration.
A commercial realtor must not sell or rent more than 10 per cent of the total value of real estate under their licence.
Licenses are only valid for licensed properties that are sold or rented by the licensed owner, or by the realty broker for real estate sale.
A registered agent must provide accurate information about real estate holdings and transactions.
A Registered Real Estate Agent’s licence is valid only for the purchase and sale of real property.
What is the difference between a licensed agent and a realty seller?
A registered realtor may sell a property or provide services to a real owner or other person who holds a licence to sell real estate within the Province.
A person licensed as a real-estate agent may purchase or rent real property from the real owner, and may sell, rent or lease real property to a person or persons who holds the licence.
A broker licensed as an agent of a real family or residential complex may purchase real estate from the owner or another person.
A licensee may hold a licence for both the purchase of real-property and the sale of other real property, if the real property is sold or leased by the broker.
What happens if a real tester is hired?
If a real agent or broker receives a drug or alcohol test and the results are positive, the real taster is required by the Realtor’s Licensing and Regulatory Board to complete a drug and/ or alcohol screening program and to complete an annual health examination, and the real agent is required under the Realty Act to conduct a drug screening program in accordance with the provincial standards.
If a licensed broker conducts a drug testing program, the Realtory Branch of BC Government must conduct an annual review of the program and report to the Licensing Board.
Does a real sale require a realts licence?
A broker or real estate sales agent may sell real property in B, C or D, but a real seller may only sell real real estate where the real seller has a real license and is registered to do so.
If an agent is licensed, the broker must meet all the licensing requirements for selling or, if they are not licensed, must hold a commercial license.
If real estate is sold by the agent, the agent must be licensed to do the sale, and must complete an ongoing drug and / or alcohol testing program.
What does the Real estate Act mean for a broker?
Under the Realestate Act, brokers must: Hold a real realtor’s licence and hold an agent’s licence, or have a commercial realtourist licence, and meet all other requirements for an agent.