We have a professional and regulatory framework in BC that includes: Public Protection and Assurance, Professional Standards and Ethics, Business Practice and Professional Development.
The Professional Standards Department mission is to raise members’ professional standards by promoting and nurturing ethical conduct, fair business dealings and exemplary cooperation between members.
Once licensed, there is a requirement through completing Professional Development courses to attain 18 Professional Development Points (PDP’s) every 2 years in order to renew a licence.
The Real Estate Council of BC (RECBC) reports that many in BC find the Real Estate Licensing Course difficult and either drop out or are suspended from the course because they are unable to keep up to the required standard.
To qualify for licensing in BC requires taking the Real Estate Trading Services Licensing Course offered by the University of British Columbia, Sauder School of Business (Real Estate Division). I've been told (source not verified but believed to be reliable) that in BC less than 10 percent of licensees remain in the business after the first 3 years.
The licensing course is a self-paced correspondence course comprised of 20 multiple-choice assignments. The areas of study include: financial statements, mortgage finance, local taxation on real estate, building construction, law of mortgages, law of contracts, elements of appraisal, law of agency, title registration of land and local government.
According to the RECBC, most individuals complete the licensing course within six months based on completing approximately one assignment a week and usually spending about 12 hours per assignment.
If you haven’t graduated from an English language high school in Canada or don’t qualify for exemption with equivalency, in BC you will be required to satisfy the Language Proficiency requirement (Grade 12 English) before being allowed to write the 3-hour licensing final exam.
Following application for a licence to the Real Estate Council, the applicant also is investigated. General business and personal reputation are reviewed along with criminal convictions and charges.