eMemo #4228

FVREB eMemo: Important Message from BCFSA Regarding Real Estate Teams

 

To: All Members

From: Rock Lefebvre, Chief Operating Officer

Date: January 24, 2023

Dear members,

 

As you may know, new Rules for real estate teams will be in effect on April 1, 2023. Once these Rules are in force, the Rules amendments will have a number of impacts on the business practices of teams and their members.

  1. Teams comprising of a single licensee — whether or not they work with an unlicensed assistant — will no longer be allowed to register or advertise as a team.

    BCFSA encourages licensees to update their marketing materials so they are ready to cease their team operations by the enforcement date or find another licensee to join their team so they may continue operating as one.

  2. The new Rules will also impact licensees who are acting as a team, as defined in the amended Rules, but have not registered with BCFSA.

These situations include the following:

  • Family members who advertise together under a shared last name (e.g., The Bloggs); and
  • Groups of licensees who act in a team capacity (e.g., represent themselves to clients as a single entity or work together on a regular basis to provide trading services) but do not advertise under a joint name. This may include, for example, groups of licensees who have registered as a team with a Board for the purpose of Board-level awards programs (e.g., Medallion Club awards).

 

Licensees in these situations must register a team with BCFSA once the amended Rules are in force or change their business practices to comply with the new Rules (e.g., cease acting as a team).

 

All licensees should be aware of the new Rules and their obligation to comply with them by April 1, 2023. We are requesting Member Links and Managing Brokers to encourage any licensees within their brokerage who are members of teams, as described above, that have not previously registered with BCFSA, to familiarize themselves with the new Rules, and ensure that they are registered as a team with BCFSA if their activities meet the registration requirements of a team.

 

For more information about the Rules regarding teams, please see BCFSA’s . Please contact if you have any questions.

 

Rock Lefebvre

Chief Operating Officer

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