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Realty Management System Clients in British Columbia BCREA Regulations regarding incorporated agents have new rules in place which do not require you to have separate deal files and trust accounts for each incorporated agent. The Brokerage Standards Manual for the Real Estate Council of British Columbia (RECBC) addresses engaging licensees, one which is identified as a Personal Real Estate Corporations (PREC). The manual can be found at the following URL: http://www.recbc.ca/licensing/prec.htm. The board has asked us to communicate that the PREC must be licensed to and engaged by a brokerage to provide real estate services. The PREC will then engage the Controlling Individual to provide real estate services to the brokerage on behalf of the PREC. The license for the Controlling Individual must indicate the licensee name of the PREC to which the Controlling Individual is engaged and the licensee name of the brokerage to which the PREC is licensed. The Controlling Individual must also be licensed to the same brokerage to which the PREC is licensed. The Controlling Individual may not be personally licensed to any other brokerage. A PREC is not a brokerage and does not have the same reporting obligations as a brokerage. A PREC does not have to maintain a trust account and does not have to file an annual Accountant's Report. These are obligations of the brokerage to which the PREC is engaged. |
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