Changes to broker licensing requirements and brokerage inspections for newly licensed brokers

The Commission's Board of Directors have approved bylaw amendments presented by the Licensing Committee. These amendments are new licensing requirements for broker-level licensees, as well as increased frequency of brokerage inspections (formerly audits) for newly licensed brokers. This decision was made after various inspections revealed that many newly licensed brokers were not meeting the minimum passing requirements.

NEW LICENSING REQUIREMENTS
An applicant for a broker-level licence (associate broker, managing associate broker and broker) must now have: 

• three years experience as a licensed salesperson; and
• conducted a minimum of 20 residential real estate transactions, including five transactions where the applicant represented the buyer in single agency and five transaction where the applicant represented the seller in an agency relationship; or
• conducted a minimum of 10 commercial real estate transactions; or
• equivalent experience approved by the Commission.

NEW BROKERAGE INSPECTION SCHEDULE
In the case of first-time broker applicants, the Commission will conduct three inspections in the broker's first year of licensing, two of which must achieve a minimum of a 'good' rating. A fourth inspection will be conducted in the first half of the broker's second year of licensing, which must also obtain a minimum of a 'good' rating. Should a broker fail to achieve the required minimum rating, they shall continue to be audited twice a year until such a time that, at minimum, a 'good' rating is achieved. These inspections shall be at a cost to the broker.

All first-time brokers will now be issued a conditional licence upon initially licensing until the time that they have completed their inspection requirements. At that point, the condition on the licence will be removed.