How do I become a business broker in British Columbia?

To act as a business broker in a British Columbia sale that includes real estate or real estate services, you get a BCFSA trading services licence through a brokerage, because BC Financial Services Authority says such sales are generally governed by the Real Estate Services Act (RESA). BCFSA also says some real estate licensees may act as business brokers in transactions where no real property is involved. This page covers British Columbia only. Whether your sale needs a licensee is a separate question, covered in whether a business broker needs a licence in Canada.

Why the route is a real estate licence

BCFSA’s guideline on the sale of a business says that when a business is sold and a trade in real estate is included or real estate services are provided, the transaction is generally governed by RESA unless the Regulation provides an exemption from licensing. If there is no real property and no real estate services, it says a licence is not required. Under section 3(1) of RESA, a person must not provide real estate services to or on behalf of another, for or in expectation of remuneration, unless licensed or exempt. The sources do not describe a separate business-broker licence.

BCFSA’s six steps

BCFSA says professionals who help consumers buy, sell or lease property must be licensed to provide trading services, and that all of them work through a brokerage overseen by a managing broker. Its step-by-step guide runs as follows.

• Step 1: register for and complete the Real Estate Trading Services Licensing course and exam, offered by the UBC Sauder School of Business, Real Estate Division. BCFSA says someone whose previous education or experience might exempt them from the licensing course or exam should review its Education Exemption Guidelines.
• Step 2: talk to brokerages. BCFSA says your licence application must be approved by the managing broker of a real estate brokerage in B.C. that is prepared to engage you.
• Step 3: obtain a criminal record check, which BCFSA requires to be current when you submit your application.
• Step 4: register for the Applied Practice course. BCFSA says you may choose the Residential or Commercial version.
• Step 5: apply for licensing online through IRIS, which BCFSA says you can do once you have started the Applied Practice course.
• Step 6: complete the Applied Practice course within the prescribed time limits, or BCFSA says your licence will be terminated.

Staying licensed and checking the register

RESA requires a representative to be licensed in relation to a single brokerage and engaged by it, and section 22 makes the licence inoperative if the person stops being engaged. The Act also names managing broker and associate broker as further licence levels. A client can use BCFSA’s online register to see a professional’s licence category and level, any conditions or restrictions, and any recent discipline history.