As advised in eMemo #4306 on December 11, 2024, the British Columbia Financial Services Authority (BCFSA) issued a communication advising all licensees under the Real Estate Services Act (RESA) of changes to the suitability and reputation questions on licence applications for individuals.
Effective December 10, 2024, a new question has been added to various licence applications for individuals. The new question requires current and prospective licensees to disclose whether they have been, or presently are, the subject of an investigation or disciplinary proceedings by an industry association (e.g., a local, provincial, or national real estate board or association) in B.C. or another jurisdiction.
BCFSA advises, “Industry-led investigations and disciplinary outcomes may be relevant to matters under BCFSA’s authority. The new question clarifies BCFSA’s long-standing expectation that the outcomes of industry association disciplinary processes must be disclosed on licence applications to support a comprehensive assessment of the suitability, reputation, and fitness for licensing of current and prospective licensees, pursuant to section 10 of the Real Estate Services Act.”
The FVREB and BCFSA urge all members to “answer this question honestly and candidly, as would be required with any statement made to BCFSA in a regulatory matter.”
For more information please visit the Good Reputation, Suitability and Fitness Requirements for Licensees page at the BCFSA website.
Members who have questions about licensing applications, renewals, or amendments can speak with their Managing Broker or contact BCFSA directly by email.