Well, we know the different classes of Real Estate Licensing in Alberta. But do we know about the procedure to change the real estate license from one class to another? Just like a Driver’s License, the upgrades and changes in your Real Estate Licensing also goes through a specific procedure that follows various steps.
Associate
An associate is an individual who holds the entry-level class of real estate license. This is the initial license a person earns when entering the real estate profession.
Associates must be registered with a brokerage to trade in real estate. The brokerage can have any number of associates registered with it.
Associate Broker
Now, who is an associate broker? An associate broker is an individual who holds the qualifications of a real estate broker, but they have chosen not to become a broker at this point. Instead, they are licensed as a real estate associate by RECA. This person is registered with a brokerage to trade in the real estate on their behalf.
A real estate associate broker has the same role responsibilities and prohibitions as that of an associate.
Broker
Let’s take a look at the role of a broker. The broker is the leader of the brokerage. They are responsible for making sure that all the activities of the brokerage comply with the Real Estate Act.
Because ultimately, anything that happens in the brokerage is the broker’s responsibility. A brokerage can only have one licensed broker. The broker may be the owner of the brokerage or they may be someone who is managing the brokerage on behalf of the owner. So, these were the different types of real estate licenses in Alberta.
Now, how do we go about changing the class of license that we have?
First, let’s take a look at the associate. In order to become an associate, a person has to successfully complete the Real Estate Associates Program. Which means they have to pass the Fundamentals of Real Estate Course as well as, one specialty area of practice.
So, they can take the Residential, Commercial, Rural or the Property Management Course. They have to score 70% or higher in both of these courses. Plus, they have to complete the REAP Program within 18 months from the date that they enroll in the Fundamentals of Real Estate Course.
So how does one go from being an associate to becoming an associate broker?
In order to become an associate broker, the associate must meet the following requirements. They have to successfully complete the REAP Program. Now, in this case, they have to complete all the specialty areas of the real estate practice.
That means they have to take residential, commercial, rural and property management courses. They also need to successfully complete the Real Estate Brokers Program and they have to score 70% or higher in all the exams.
In addition to that, this person needs to have two years of experience in Alberta working as a real estate professional, in the last five years.
Now, how does one go from being an associate broker to a broker?
Each brokerage can only have one broker. Like we discussed earlier, when an associate broker wants to become a broker, they have several options.
One is they can replace the broker at the brokerage where they are currently registered. So, let’s say the broker is retiring, then there’s an opening for the role of a broker. And the associate broker can go into that role because they already have all the qualifications.
Or the broker may be moving on to something else and there’s an opening at the current brokerage. Or they can transfer to an existing brokerage to become a broker there.
So, let’s say they hear of another brokerage, where the broker may be retiring or they may be moving on to something else, leaving an opening for the broker role and this broke person can then move to that brokerage and register with that brokerage as a broker.
Now, they can also open their own brokerage and become a broker there. This person has successfully completed all the qualifications of a broker but may choose to become a broker at a later date.
SAMPLE QUESTIONS
Now, let’s take a look at some of the exam questions that we may see around this topic.
1. How many associates and associate brokers can be registered with a brokerage?
A. one associate and many associate brokers
B. many associates and one associate broker and many brokers
C. many associates and associate brokers
D. many associates, associate brokers and brokers.
The correct answer is C. The question asks how many associates and associate brokers can be registered with the brokerage. And as we just learned, there can be many associates and many associate brokers that can be registered with a brokerage, but only one broker.
2. In order to become a broker, how many years of experience must you have as a licensed real estate professional in Alberta?
A. have two years of experience in Alberta as a licensed real estate professional
B. in the previous five years or have three years of experience in Alberta as a licensed real estate professional
C. in the previous five years or have three years of experience in Alberta as a licensed real estate professional
D. in the previous seven years or have two years of experience in Alberta as a licensed real estate professional, in the previous seven years.
The correct answer here is A. A person needs to have two years of experience in Alberta as a licensed real estate agent, in the last five years.
3. Paul Ellison is an ambitious real estate agent. In setting his career goals, he mentions that he wants to become a broker. What requirements must Paul meet in order to reach his career goals?
A. successfully complete the Real Estate Associates Program.
B. successfully complete Real Estate Property Management Program.
C. successfully complete the Real Estate Brokers Program.
D. have two years of experience in Alberta as a licensed real estate professional, in the previous five years.
E. have three years of experience in Alberta as a licensed real estate professional, in the previous five years.
The correct options are A, C, and D.
Read about the Different types of Classes for Real Estate Licenses in Canada to understand basic structure of Real Estate Classes.
If you would like some additional help in preparing for your Alberta Real Estate Exams, we invite you to visit www.albertarealestateschool.com or you can give us a call at 587-936-7779.