Who’s Who in BC Real Estate
There are many organizations within the real estate sector in BC and while this list is not exhaustive, it’s a great start.
The Real Estate Profession in BC
This high-level overview is intended to offer a better understanding of some of the key players in the BC real estate sector and how they interact with each another to support British Columbians.
Licensee
REALTOR®
Associate Broker
Managing Broker
Trade Associations
Supporting Organizations
Licensee
You’re probably most familiar with this role, although you’ve likely heard the term real estate agent, real estate professional, or REALTOR® more often.
A real estate licensee is an individual who has completed the required education, passed a licensing exam, and holds an active licence to provide real estate services while licensed with a single brokerage under the supervision of a managing broker.
They play a crucial role in the buying, selling, leasing, and managing of real estate and must hold a licence and renew it every two years.
REALTOR®
A REALTOR® is a real estate professional who has met all the licensee requirements and chooses to join a real estate board or association which provides continuing professional development, advocacy, economic research, and resources to enhance professionalism in the sector.
This ongoing commitment to higher standards of professional development and subscribing to the REALTOR® Code of Ethics reflects a REALTOR®’s dedication to providing clients with exceptional service, expertise, and ethical conduct. All of these make REALTORS® trusted advisors in working with their clients to meet their real estate goals.
Associate Broker
Associate brokers are licensed real estate professionals who have fulfilled all education and experience requirements to be a managing broker; however, they are not in charge of a brokerage.
Managing Broker
Every real estate professional in BC is licensed to provide real estate services through a single real estate brokerage, sometimes referred to as a real estate office.
Every real estate brokerage must have a managing broker. This person is an experienced real estate professional who has met specific education, experience, and examination criteria to obtain a broker’s licence.
They are responsible for ensuring the brokerage and all the real estate professionals who are licensed to it provide services in accordance with the rules and regulations as set out in the Real Estate Services Act and Real Estate Services Rules.
The managing broker is also responsible for providing oversight and ongoing training of their real estate professionals and staff. They are a source of information and advice not only for the professionals they supervise but also for members of the public.
Trade Associations
British Columbia Real Estate Association
The British Columbia Real Estate Association (BCREA) is the professional association that supports REALTORS® across British Columbia. In collaboration with our members, we provide core services that consist of advocacy, economic analysis, professional development, and standard forms.
BC Real Estate Boards and Associations
BC’s real estate boards and associations are local organizations made up of REALTORS®. They are also organizational partners of both BCREA and the Canadian Real Estate Association.
These organizations work closely with REALTORS® to provide support and member services in several areas, including managing the Multiple Listing Service® System, education, and professional standards.
Canadian Real Estate Association
The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry associations. Their membership consists of REALTORS® working through real estate boards and associations across Canada. CREA oversees the REALTOR® brand and trademark, REALTOR® Code of Ethics, federal government advocacy, and conducts economic research.
Supporting Organizations
The British Columbia Financial Services Authority (BCFSA) is responsible for all aspects of real estate trading services licensing, and so much more.
BCFSA regulates BC’s financial services sector, ensuring that the organizations they regulate are in sound financial condition. They also investigate, ensure compliance with governing laws and supervisory standards, and, where necessary, discipline various parties.
BCFSA also safeguards confidence and stability in BC’s financial sector by protecting consumers from undue loss and unfair market conduct.
In addition to the real estate service sector, they also regulate credit unions, trust companies, insurance companies, pension plans, mortgage brokers, and the Credit Union Deposit Insurance Corporation.
BCFSA Special Compensation Fund
BCFSA’s Special Compensation Fund is designed to protect consumers when engaging the services of real estate licensees in BC. Operating similarly to funds created by other regulated sectors, like the legal and medical professions, its primary purpose is to provide an extra layer of security.
BCFSA’s Special Compensation Fund ensures that consumers’ financial interests are safeguarded whenever funds are provided to real estate professionals or brokerages. It offers peace of mind to real estate consumers knowing that their interests are protected if the unexpected happens, so they can focus on their real estate goals without undue stress or concern about potential financial loss.
The Real Estate Errors and Omissions Insurance Corporation (REEOIC), also known as E&O, is a non-profit organization that provides cost-effective professional liability insurance, loss prevention tools, and legal support services for the protection of real estate licensees and the public.
It protects licensees and consumers from possible losses that might result from errors, omissions, or negligent acts that happen while licensees are performing their duties.
The Real Estate Services Act requires every real estate licensee in BC to pay into the REEOIC’s mandatory professional liability insurance program. Licensees pay their assessments every two years, along with their licence renewals.
Both consumers and licensees benefit from everyone having protection.
The Real Estate Foundation of BC (REFBC) is a philanthropic organization that funds projects, builds relationships, and shares knowledge to advance sustainable, equitable, and socially just land use and real estate practices across BC.
The REFBC receives its funding from the interest earned on real estate brokerage trust accounts, where they hold deposits made by consumers.
Since 1988, the REFBC has granted over 100 million dollars to various social or environmental projects led by non-profit organizations.
