Opening a Brokerage

Opening a brokerage is a multi-step process. If you have any questions, contact RECA’s Consumer & Industry Services department at info@reca.ca or (403) 228-2954 (toll-free in Alberta at 1-888-425-2754).

Please review all the steps before beginning the process to open a brokerage.

For a print-friendly version of the steps to open a brokerage, click here.

+ Step 1: Broker eligibility

In real estate, mortgage brokerage and property management, associates need at least two years of licensed industry experience within the last five years.

In your myRECA account, if you are eligible to become a broker, a button to Open a Brokerage will appear below your Licence in your myRECA profile (do not click this button until you complete Step 2 below).

+ Step 2: Set up your brokerage business

Get a business address in Alberta

If your brokerage will be a corporation, register with Alberta Registries

If your brokerage will use a trade name, file for one with Alberta Registries

Before registering a corporate or trade name for the brokerage with Alberta Registries, we recommend you search existing brokerage names using the Search for an Industry Professional tool on RECA’s website. All brokerage names must be sufficiently distinct from any other existing brokerage name.

To review RECA's Brokerage Trade Name policy, click here.

If you plan to open a mortgage brokerage, you must also obtain errors and omissions insurance.

As part of the application process within myRECA, your errors and omissions insurance provider must send proof of your insurance directly to RECA. For a list of approved providers, click here.

In order for an insurance provider to provide insurance for Alberta mortgage brokerages, it must enter into an agreement with the Real Estate Council of Alberta through RECA’s Errors and Omissions Insurance Guidelines. Please note the Guidelines do not set the premiums payable by Alberta mortgage brokerages; premiums are set at the discretion of the insurers.

For more information about the errors and omissions insurance requirements for Alberta mortgage brokerages, read the Frequently Asked Questions

+ Step 3: Apply to open a brokerage using myRECA

When you are eligible to become a broker, the Apply to Open a Brokerage button appears on the Current Licences page within the Licensing tab of your myRECA account.

To review the Opening a Brokerage tutorial, click here.  

Before you begin the application on myRECA, review the list of documents (below) that you will need as part of the application process. You will need to upload these documents using myRECA. The required documents depend on how you answer certain questions in the application. These documents include:

All applications:

If your brokerage is a corporation and you own more than 50%:

  • a copy of the Brokerage Licence Suitability Questions form signed by a representative of the other stakeholders
  • a Corporate Summary (for the first ownership level)
  • proof of your corporate registration
  • proof of your trade name filing (if applicable)
  • a franchise agreement (if applicable)
  • a copy of your domain name registration (if applicable)

If your brokerage is a corporation and you own 50% or less:

If your brokerage is a partnership:

If your brokerage is a sole proprietorship:

  • proof of your trade name filing (if applicable)
  • a franchise agreement (if applicable)
  • a copy of your domain name registration (if applicable)

If you want more information about the required documents, please contact RECA at info@reca.ca.

 

 

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