Real estate brokerage registration

A buyer of a real estate brokerage meets this when a sale changes who owns or runs the firm. This entry covers Ontario only; check the rules where the brokerage operates.

Broker of record and offices

Under section 12 of the Act, a brokerage must designate a broker it employs as broker of record (a sole proprietorship designates the sole proprietor) and notify the registrar of the broker’s identity, and must notify the registrar within five days if the broker of record changes. Under section 4(4), a change in the officers or directors of a corporation registered as a brokerage may be made only with the consent of the registrar.

What the regulator asks about

The Real Estate Council of Ontario’s page on changes to a brokerage registration asks whether a new broker of record is being designated and whether there has been a change in shareholders, officers or directors.

• Who is the broker of record, and will they stay after closing?
• Has the registrar consented to any change in officers or directors?
• What must be reported to the registrar, and by when?

See what licences transfer when I buy a business and the entry on travel agency registration.