REGISTRATION UNDER THE REAL ESTATE BROKERS ACT
The Manitoba Securities Commission administers The Real Estate Brokers Act (the "Act").
The Act seeks to protect house buyers and sellers by requiring agents and brokers who act for them to be registered and meet educational qualification requirements.
Following is a summary of the requirements for registration under the Act.
Application forms are available by clicking onto the Real Estate Section of the Commission's Web Page.
Real Estate Salesman
- Must be an individual of good character
- At least 18 years old
- Enroll in and pass Phases I, II and III of the real estate salesman's administered by The Manitoba Real Estate Association
- Complete and file an application with the Registrar on the approved form, under the sponsorship of a licensed real estate broker
- The registration fee is $175 (annual renewal fee is $125)
- Within two years after obtaining registration, the salesman must complete two certificate courses (Real Estate Law and Real Estate Appraisal) administered by The Manitoba Real Estate Association.
Authorized Official (Broker)
Real Estate Broker (the Brokerage)
- Apply for registration on the approved form
- The registration fee is $350 (annual renewal fee is $250)
- Every broker must state in the application an address for service in Manitoba
- Provide the Registrar with evidence that the broker maintains an interest-bearing trust account at a branch of a bank, credit union or trust company in Manitoba, with the interest not claimed by clients payable to The Manitoba Securities Commission pursuant to a completed Broker's Letter of Direction which must accompany the application
- File with the application either a surety bond in an amount prescribed by the Regulations or a valid certificate of membership in The Manitoba Real Estate Association's Real Estate Reimbursement Fund
- Notify the Registrar of each proposed "branch office" (as defined in the Act), of the name and address of the authorized official who will be in charge of the office, and pay the $75 registration fee for each branch office
- Every broker proposing to operate under a business or trade name other than its own must provide the Registrar with proof of registration of that business or trade name under The Business Names Registration Act of Manitoba
- Individual broker-applicants (i.e., a proprietorship) must be qualified to be an authorized official
- If the applicant is a corporation, the following applies:
--must name at least one of its "officials" (as defined in the Act) to act as its authorized official
--if more than one authorized official, one must be designated as the broker's Manitoba Representative;
--must provide proof of registration as a company under The Companies Act in Manitoba
- If the applicant is a partnership, each member of the partnership who will be engaging in real estate transactions on behalf of the broker must be registered as an authorized official on behalf of the broker
- Every broker must file with the Registrar annually, within four months after the end of the broker's financial year, an Annual Trust Account Report prescribed in the Broker's Trust Accounts Regulation
For more information, contact the Deputy Registrar at (204) 945-2559