Part 1 - Authorizations, Licences and Registrations

Division 6 - Licence Requirements for Brokerages

30(1) A person who seeks to be licensed as a real estate or mortgage brokerage must apply to the executive director in a form prescribed by the executive director.
30(2) The application for a brokerage licence must:
(a) be completed and signed by an individual who is qualified to hold a broker licence in Alberta and who is concurrently applying to be the registered broker for the brokerage;
(b) state the ownership structure of the brokerage and, if there are multiple owners, their respective percentage share of ownership and the names of the individual or individuals who have the controlling interest;
(c) state the fiscal year of the brokerage;
(d) state the location(s) and account number(s) of the brokerage trust account(s);
(e) state the registered business office address of the brokerage;
(f) be accompanied by an affidavit in a form prescribed by the executive director; and
(g) be accompanied by the application fee established by Council.
30(3) In the case of a partnership or corporation applying for a brokerage licence, in addition to the information required in (2) above, the application must contain the names of the partners or the officers and directors of the brokerage, as the case may be.
30(4) The executive director may require:
(a) further information be submitted by an applicant for a brokerage licence within a time specified by the executive director; and
(b) any information then or previously submitted be verified by affidavit or otherwise.
 
Jul 1/06
   
31(1) An individual applying to be the registered broker for a brokerage that is a partnership or corporation must:
(a) in the case of a partnership, be a partner or a manager designated by the partnership; and
(b) in the case of a corporation, be a member of the board of directors of the corporation, an officer of the corporation or a manager designated by the corporation.
31(2)

If the individual applying to be the registered broker of a brokerage or subsequent to issuance of a registration certificate as a broker:

(a) is not the owner of the brokerage, or
(b) does not have a controlling interest in the ownership structure of the brokerage,
 

the executive director may request, as a condition of issuing a brokerage licence, that one or more individuals who are the owners of the brokerage or have a controlling interest in the ownership of the brokerage provide a guarantee or security which in the opinion of the executive director is necessary to ensure the brokerage complies with the provisions of the Act, Rules and Bylaws.

31(3) The individual registered as the broker for a brokerage shall at all times meet the qualifications of a broker and be eligible to be licensed as a broker under these Rules.
 
Jul 1/06
   
32 A brokerage must immediately notify the executive director in writing of:
(a) any circumstance where the broker is no longer able to perform the duties and responsibilities of a broker outlined in these Rules;
(b) the termination or resignation of the broker who is registered with the brokerage;
(c) the opening or closing of a trust account;
(d) a change in the address of the brokerage’s registered business office;
(e) a change in the bank, loan corporation, trust corporation, credit union or treasury branch, or location at which the brokerage maintains a trust account;
(f) a change in the partners if the brokerage is a partnership; or
(g) a change in the directors, officers or shareholders of a corporation if the brokerage is a corporation.
 
Jul 1/06
   
   
33 A licensed brokerage may change its fiscal year end by giving written notice to the executive director, providing the amended fiscal year end does not result in a reporting period of greater than 12 months.
 
Jul 1/06

 

Continue with Part 1 Division 7 - Refusal, Suspension & Cancellation of a Licence or Registration Certificate

Back to Table of Contents - Real Estate Act Rules

 

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