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Do I need a license when acting as a property manager?
Yes. Where the individual is engaged in property management on behalf of the owner or lessor, when this falls within the definition of trading in real estate under The Real Estate Act, a license is required. Those who are employed to do this work on behalf of a brokerage must be licensed. Property management includes a wide range of activities. Some of these activities include, but are not limited to:
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- Leasing, negotiating, approving, or offering to lease - Negotiating or approving a lease - Rental of real estate - Collecting rent or holding money received in connection with a lease or rental of real estate |
I am not qualified as a broker, but I want to open my open company. Can I apply for a temporary brokerage license?
No. You will have to employ an individual who is qualified to be the broker until such time as you obtain your broker qualifications.
I have applied to open a brokerage. Do I have to have a trust account?
Yes. All brokerages must maintain an interest bearing trust account in Saskatchewan. The application will not be approved until SREC is satisfied that an interest bearing trust account has been established in a Saskatchewan financial institution.
What is required when a licensed brokerage ceases operation?
The following steps should be taken when a licensed brokerage ceases operation:
1. Notify SREC by letter and indicate the balance in the trust account. If there is a balance remaining in the trust account, SREC’s permission is required on how it will be handled.
2. Complete SREC’s Notice of Termination form for any registrants employed by or associated with the brokerage.
Will my licence be cancelled if I or my brokerage declare bankruptcy?
Declaration of bankruptcy does not necessarily mean cancellation of a license. If you or your brokerage declare bankruptcy:
1. Inform SREC within five days and provide a Bankruptcy Statement of Affairs.
2. The Executive Director will review the documentation and determine the impact on the individual’s ability to trade in real estate.
Will my license be suspended if I have been convicted of a criminal offence in the past five years?
Conviction of a criminal offence does not necessarily mean cancellation or suspension of a license. If you have been convicted:
1. Inform SREC of the conviction immediately in writing and provide a copy of the criminal record.
2. The Executive Director will review the nature and seriousness of the offence. If a registrant’s employment with a brokerage is discontinued, the license will be terminated. If the conviction relates to personal integrity or affects the ability to trade in real estate (i.e. theft, fraud, breach of trust), your license may be cancelled.
How can I obtain a copy of my licensing history?
Upon receipt of a written request for your licensing, education and sanction history and payment of a $25.00 fee, SREC will provide you with a copy of your licensing history.
How long do I have to complete my pre-registration education and get registered with a brokerage?
New students have two years from the date of their initial registration in the Phase 1 Real Estate as a Professional Career course to complete all courses and exams in their education stream and become registered with a brokerage.