Frequently Asked Questions
For whatever reason that you are not active in selling but want to keep your real estate licence, these FAQs can provide answers to some common questions about parking your licence and about our brokerage.
Q: What is Licence Parking?
A: You can be registered with a non-board brokerage so you would not be a part of organized real estate board. You do not have to pay board dues, BCREA fees or CREA fees. Your license remains active with RECBC., however, you would not have access to MLS services and cannot call yourself REALTOR®.
Q: What is the benefit of parking my licence?
A: Real estate agents worked very hard to obtain their licences and we believe that they should have the opportunity to benefit from it even if they are not active in the business. By parking your licence, you can keep your licence status “active”. In order word, you will not lose you licence due to inactiveness providing that you satisfy the minimum continuous education requirements (REP). You can save thousands of dollars on real estate board fees, yet you can still keep your licence so that you are entitled to earn referral/commissions on real estate transaction. One day if you decided to go back to full real estate agent work, you do not have to re-apply of a licence and to re-sit the examination.
Q. Why should I park my licence with Interlink Evergreen Realty Corporation?
A: Interlink Evergreen Realty Corporation is registered as a “Trading and Rental Property Management” brokerage with the Real Estate Council of BC. and is affiliated with an established full service real estate brokerage Interlink Realty with over 80 agents and a vast network of clients. You can utilize this network as well as the office facilities when needed.
Q. Can I sell or list homes for friends and family?
A: We do not encourage our associates working directly with buyers and sellers particularly on MLS. We believe the consumer is best served by using a full service brokerage that knows the local market place, current selling trends in the area and has access to local board sales statistics. You could be present in an advisory capacity to make the buyer or seller feel comfortable but the sales representative you have chosen to refer to should always be respected for their abilities. A referral commission can be agreed and be paid to you accordingly.
Q. Can I sell developer’s project sales?
A: Yes! You may tell your client to a project sale and earn commission on completion. However, you have to ensure that you will perform all the duties and diligence of a real estate licensee to protect the interest of your client..
Q. If I am not actively selling, am I covered by errors & omission insurance?
A: Yes! Anyone who is registered with RECBC must have errors and omission insurance coverage.
Q. Can I earn referral commission?
A: Because you have an active registration with RECBC, you are entitled to earn referral commission. We will collect and disperse referral commissions.to you.
Q. Who can I refer my clients to?
A: You can choose to refer to any sales person or brokerage of your choice. If you don’t know anyone, we can arrange someone from Interlink Realty on your behalf.
Q. How long can I stay registered with your brokerage?
A: You can stay as long as you like, provided you maintain your educational requirements for licence renewal. If you choose to return to main stream selling, you can simply transfer to a brokerage that is a member of a real estate board.
Q. What are the education requirements for renewal of licence?
A: You will be required to complete the Legal Update Course.
Q. I am not in your area. Can I still join your brokerage?
A: As long as you have a BC residence you can park your BC real estate license with us. We can maintain our communication by phone, email, mail or fax.
Q. What is the next step?
New registrants – must make an application to RECBC through us within one year of passing the licensing examination. You must apply for a police check for employment. You will be starting a two year licence period and must complete the mandatory PDP in order to renew your registration. For subsequent two year cycles you need to complete the mandatory PDP.
Currently registered with another brokerage – give a letter of termination to current brokerage (copy needed to accompany application) and board if a member. Within 90 days of termination, apply for a transfer, cost $250. payable to RECBC, maintain educational requirements for renewal. After 90 days, reinstatement will be necessary – see below.
Reinstatement – if you let your registration lapse for more than 90 days but less than two years, you can reinstate your registration providing your educational requirements are up to date. Cost payable to RECBC is $250. You are also required to provide an original police employment check.
Drop us an email @ email@example.com or call us at 604-271-3888 and we’ll start from there.