Real Estate Agents

Overview

The real estate industry is co-regulated by the Real Estate Agents Act, administered by the Consumer Affairs Division, and the private legislation, the New Brunswick Real Estate Association Act, which is administered through the New Brunswick Real Estate Association (the Association).  The Association is responsible for the education and discipline of its members respecting their Code of Ethics and Standards of Business Practices.
 
The Real Estate Agents Act provides Consumer Affairs the authority to investigate certain complaints, and to order financial audits when necessary. Penalties are provided for non-compliance.
 
An agent’s licence is issued by Consumer Affairs to the corporate body, partnership, or individual who is legally responsible for contracts, financial accountability, advertising, and the activities of each of its salespeople. The Real Estate Agents Act also requires that each salesperson representing the agency hold a licence and requires that a manager be licensed for each office location. Licensing fees and bond requirements vary depending on the number of salespeople and managers employed and are outlined in the Fee Tables.

Applying for an Agent’s Licence

Those wishing to apply for an Agent’s Licence under the Real Estate Agents Act must:
 
  • Have a permanent office located in the province New Brunswick.
  • Submit a completed Application for Real Estate Agent’s Licence.
  • Submit a completed Branch Office Statement for each branch location.
  • Submit a bond in the prescribed amount, depending on the number of salesmen and managers employed. This can be obtained from the company’s insurance agent using the FORM provided. The full name of the corporation as well as any business names used must appear on the bond.
  • Submit applicable application fees, payable to the Financial and Consumer Services Commission.
 
Licences are valid for a term of 12 months. Upon application for renewal, licensees must complete and submit all licensing forms and information requested above with the exception of a copy of the trust agreement and the bond. At renewal, applicants must submit a bond continuation certificate. Your insurance agent can provide you with this certificate.

Applying for a Salesperson’s Licence

Individuals wishing to apply for a Salesperson’s Licence under the Real Estate Agents Act must:
 
  • Be a citizen of Canada or have the status of a permanent resident of Canada.
  • Submit a completed Application for a Salesperson’s Licence.
  • Be a member in good standing with the New Brunswick Real Estate Association, which includes the successful completion of the educational programs and examinations required by the Association.
  • Submit a licensing fee of $50, payable to the Financial and Consumer Services Commission.
 
Salesperson’s and Manager’s licences are valid for up to one year, and expire on the same date as the licence of the Agent they are employed by. For example, if a salesman becomes licensed two months after the Agent has been licensed, the salesman’s licence will be valid for only 10 months. To renew a salesman’s or Manager’s licence, applicants must complete and submit the same items listed above.

Applying for a Manager’s Licence

Individuals wishing to apply for a Manager’s Licence under the Real Estate Agents Act must:
 
  • Be a citizen of Canada or have the status of a permanent resident of Canada.
  • Submit a completed Application for Real Estate Manager’s Licence.
  • Be a member in good standing with the New Brunswick Real Estate Association, which includes the successful completion of the educational programs and examinations required by the Association.
  • Have completed the Manager’s course through the New Brunswick Real Estate Association.
  • Submit a licensing fee of $75, payable to the Financial and Consumer Services Commission.
Salesperson’s and Manager’s licences are valid for up to one year, and expire on the same date as the licence of the Agent they are employed by. For example, if a salesman becomes licensed two months after the Agent has been licensed, the salesman’s licence will be valid for only 10 months. To renew a salesman’s or Manager’s licence, applicants must complete and submit the same items listed above.

Fees

Agency

0-5 salespeople – $100

6-10 salespeople – $200

11-20 salespeople – $300

20+ salespeople – $500   Branch office $100  Manager $75  Salesperson   $50

Bond Requirements

  • 0-1 salespeople or managers                      $10,000
  • 2-10 salespeople or managers                    $20,000
  • 11-20 salespeople or managers                  $40,000
  • 21-30 salespeople or managers                 $60,000
  • 31-40 salespeople or managers                 $80,000
  • 41+ salespeople or managers                     $100,000

 

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