In the second part of a three-part series to help you become reacquainted with the ins and outs of real estate teams (Teams), we are looking at the requirements for Team names, Team advertising, Team leaders and communications within a Team.
As discussed in Part 1 of our refresher on real estate Teams, the registration requirements for a Team are set out by the BC Financial Services Authority (BCFSA) and must be adhered to.
Team Names
Team names must be approved by the BCFSA. Approvals are made on a case-by-case basis.
The Team name must convey that a group of individuals from the same brokerage are working together.
FVREB
Advise the FVREB of Teams and changes to Team Composition
While Teams are registered with the BCFSA, FVREB members are asked to advise the Board when a Team is created and update the FVREB when there are changes to the Team.
Medallion Club and MLS® Awards Rules
Teams is one of two categories in the Medallion Club (the other is individual).
To be eligible for the FVREB Medallion Club Team category, Teams must meet the BCFSA requirements, discussed above, for Teams.
BCFSA registered Teams must also register with the FVREB as a Medallion Team. The points of all members of a registered Medallion Team are combined and reflected under the Team Leader’s name.
For more information on real estate teams, visit the BCFSA website.
Source: Professional Standards