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 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 — will open in a new tab. An associate broker has the option to become a managing broker without further education.
It is a requirement of the Real Estate Services 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, regulations, rules and bylaws
- 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, regulations, rules and bylaws
- ensure proper management of and control of documents and other records relating to licensing and regulatory requirements
- 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 honored.
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 — will open in a new tab 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 licence 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.