Anyone in BC wanting to work in the field of sales (trading), property management or strata management must first obtain a license from the Real Estate Council of BC. (Under the Real Estate Services Act) a prospective mortgage broker must get a license from the Financial Institutions Commission of BC (FICOM). To become licensed through either of these organizations, you must meet the educational requirements, generally by taking a correspondence course through the Sauder School of Business at UBC, and passing a 3 hour exam. The exam is available several times a year in various cities throughout the province, or can be written at the UBC computer center. If a student does not meet the level of English required (usually Grade 12 graduation) they may have to write a Language Proficiency Index test before completing the course.
These are university level courses, and the student is allowed one year to complete the 20 assignments. Topics studied include, tort law, contract law, ethics, pertinent government legislation, financial statements, and in the case of trading and mortgage brokering, appraisal and financial math using the HP10B II calculator.
Following successful completion of the real estate trading course, the student begins the Applied Practice Course which takes just over 5 months:
- On-line Module (approximately 14 days)
- Listing a Property for Sale – Representing a Seller
- Establishing Agency and Providing Trading Services to a Buyer
- Holding an Open House – Agency Responsibilities
- Researching Properties
- Completing a Contract of Purchase and Sale
- Presenting an Offer and Negotiating a Counter-Offer
- Classroom Module (2 days)
At the conclusion of this training period, the successful candidate is awarded his real estate licence.
CONTINUING PROFESSIONAL EDUCATION
Re licensing Education Program
- The Real Estate Council requires that every person with a trading, property management or strata management license obtains 12 approved credit hours every 2 year period in order to maintain a license.
Professional Development Program
- BCREA further requires that all licensees who are members of a real estate board take 18 approved credit hours over each 2 year period.
- People licensed under the Real Estate Services Act or through FICOM can obtain licenses in the other disciplines by taking one or more of the supplemental course through UBC.
- People who have held a real estate license for 2 years can obtain a real estate Broker’s license by taking a further correspondence course form UBC.
- Urban land Economics Diploma Course (UBC)
- This course is a requirement for a designation from the Real Estate Institute of BC
- Bachelor of Business in Real Estate (UBC)
- Check the websites for the Real Estate Institute of Canada and Canadian Association of Accredited Mortgage Professionals for further professional designations available.
There are numerous other related courses available in BC and across Canada and if you are interested you can find them – contact Helen Jones if you want information on other courses and designations in Canada.