Legal Requirements
Did you know that any criminal convictions and/or charges could affect your eligibility to apply for any real estate licensing programs?
The Real Estate Services Act requires that all applicants be investigated after application for a license to ensure that all applicants are of a “good reputation”. The applicants business history and personal reputation are looked and at and any criminal convictions, charges and conditional/ absolute discharges must be disclosed. This does not necessarily eliminate a person from registration.
If you have been convicted of any summary offences, unrelated to employment, and have been sentenced, are on parole/ probation or have been ordered to pay a fine or restitution you will not be considered for registration until one year after the completion of your conviction or sentence and all fines have been paid. Indictable offences or white collar, regardless of their relation to employment, have longer waiting periods. Contact the Real Estate Council of BC for further information regarding eligibility.
Unsure? Get Pre–screened….
If you are concerned about whether or not you meet the requirements of “being of good reputation” you should fill out an Application for Pre–Screening Form before you register for a licensing course. You can get this form from the Real Estate Council of BC but be advised there is $100.00 fee. This form might help you with making a decision in regards to becoming an agent.
How Much Money Could I Make?
Depending on what type of real estate you specialize in it is usually salary or commission based. Rental property managers usually get paid salary while a real estate investment trader is on commission. It would probably be a good idea to talk to some people in real estate with varying backgrounds and also to different brokerages to get an idea on earning potential and the compensation structure.
It is important to remember that if the compensation structure is commission based there is no guarantee on your income level. Many things such as your sales ability, market conditions, real estate area, property type and your socials skills can influence your earning potential. There are also considerable costs and personal time that have to be considered when making real estate your career choice. Business related expenses (car, computer, cell phone/ pager etc.), licensing course fees, licensing fees are all financial considerations that should be taken into count. You will need some type savings or financial support just to get started.
How Do I Get Licensed?
First, you must be licensed with the Real Estate Council of British Columbia. This is the licensing and regulatory body real estate personnel. You can only become a real estate agent after you have completed the licensing requirements and have had two years of experience as a real estate salesperson. You may operate independently by obtaining a broker’s license.
COLDWELL BANKER WESTBURN REALTY
5489 Kingsway Burnaby, BC V5H 2G1
Office Phone: 604.437.1123
Office Fax: 604.437.9077
admin@westburn.com