Exam Weightings for Fundamentals of Mortgage Brokerage Exam
How to Become a Mortgage Broker in Alberta?
Are you interested to know the procedure for becoming a Mortgage Broker in Alberta? This is a question that may come to your mind if you are planning to make a career in the real estate or the brokerage industry in Alberta. The Alberta Real Estate Industry is booming and has almost doubled after the pandemic. This is eventually creating great career opportunities for people in the real estate industry. With a growing population of working professionals moving to Alberta, there is a good scope for mortgage brokers to kickstart their career.
Get key takeaways of the Blog from this short video –
Let’s find out steps towards becoming a broker in Alberta. Each province has certain specific rules and guidelines when it comes to eligibility requirements for becoming a broker. Alberta has its own set of rules that abide by Alberta Mortgage Brokers Association (AMBA).
RECA (Real Estate Council of Alberta) is the Educational Institution for issuing all the Real Estate and Mortgage Licensing rules in Alberta. RECA issues the Mortgage Broker Licensing Exam in Alberta. One needs to take the Mortgage Broker Course and pass the exam to get a License of Mortgage Associate in Alberta.
In order to become eligible to give the brokerage Exam, an individual should meet the minimum eligibility requirements.
Did You Know?
Here, the term Mortgage Broker is used for the actual designation of a Mortgage Associate. They are both different. When you pass the Mortgage Brokerage Course from AMBA – you become a Licensed Mortgage Associate and NOT a Mortgage Broker.
STEP 1 : MINIMUM ELIGIBILITY REQUIREMENTS
A person should be:
- At least 18 years of age
- A Canadian Citizen or have a valid Permanent Resident (PR) Card or Open Work Permit
- Have a Canadian High School Diploma or an Equivalent (post college diploma or university) Degree
- Be Proficient in English
Set up a myRECA Account
You also need to set up an account with myRECA. myRECA is RECA’s educational platform that allows you to enroll for the Real Estate and Mortgage Brokerage Exams in Alberta. This account is free, it just takes a couple of minutes to set up. So, you would set up an account there and this is where you would start your eligibility application.
The option you want to pick there is called the Education Eligibility Application. They have a couple of different options in case of a person who has moved here from a different province, and they hold a license there, which is not the case for someone who is starting a brand new with the licensing.
Fees
Go to myRECA.ca and start the eligibility application. It will cost you a $100 fee. This is a non-refundable fee. Once paid, RECA will start your application process.
STEP 2 : PRE-LICENSING EDUCATION
Course 1 – Fundamentals of Mortgage Brokerage
Details: This course covers a wide range of information foundational information related to mortgage brokerage in Alberta.
Regulatory Body: The Fundamentals of Mortgage Brokerage Course is offered online through RECA.
Course Fees: $1250
Course 2 – Practice of Mortgage Brokerage
Details: This course provides learners with the opportunity to apply their knowledge through practice-related scenarios that cover a wide variety of situations.
Regulatory Body: The Practice of Mortgage Brokerage Course is delivered online through the Alberta Mortgage Brokers Association (AMBA).
Course Fees: $1500 + GST
Total Duration
Between the 2 courses you get 12 months to complete the education requirements. Within 1 year from the date you enroll in the first course, you have to finish both of these courses.
STEP 3 : CERTIFIED CRIMINAL RECORD CHECK (CCRC)
Once you have completed your pre-licensing courses, the next step is to get a Certified Criminal Record Check (CCRC).
There are a couple of different types of criminal record checks, the one that you’re looking for is the one with fingerprinting. It takes a little bit longer, they have to send everything out to Royal Canadian Mounted Police (RCMP) in Ottawa and then you get the results.
Now it will take about two to three weeks for RECA to receive your results, and you can have the results sent directly to RECA. So you do not receive the results directly, but RECA does, which is a quicker process.
And if you already have a certified criminal record check which is within a period of six months, then you can still submit your application by using the same CCRC Account, you don’t need to redo it. Just keep in mind, the criminal record check has to be less than 6 months old.
STEP 4 : JOIN A BROKERAGE
To get licensed as a Mortgage Associate, you have to be employed by a brokerage, otherwise you cannot just apply for a license.
We recommend you to consider multiple brokerages, see which brokerage fits your needs the best and go and sign up with them. Once you find a brokerage, they will have you fill out an application which will then be sent to RECA, and then, you will be able to get your license.
What can you do once you become a Broker? Know your Career Options as a Broker (Mortgage Associate)!
Now, how does Alberta Real Estate School fit into all this?
RAMAN – “Being a Licensee myself, I know what are the obstacles one might face while in a position to pass the Alberta Real Estate Exam.”
1. STUDY GUIDES & MOCK EXAMS WITH SOLUTIONS
When you are going through the AMBA Course you will be given big manuals. They are massive with no clear instructions on what is important to focus. The 70% mark is a tricky one to get through, especially in the Alberta Mortgage Brokerage Exams as the questions are trickier than you expect.
Alberta Real Estate School specializes in offering focused, summarized notes that will focus on key areas that you will have on the exam. Our tutoring has helped many students clear the Alberta Mortgage Brokerage Exams in the first attempt. Our theory of understanding the concept and giving point to point instructions about the important topics is exceptional.
We scrape out the excess unnecessary information and guide you towards the most relevant topics that you can expect in the exams. We will give you a chance to understand the concepts in a simpler and more effective way and give you personalized tutoring to make you confident about the topics.
Have a look at our Extensive Study Guides for the Mortgage Brokerage Courses with Summarized Notes, Key Areas of Focus, and Sample Exam Questions:
2. PERSONALISED TUTORING
If you feel that you need more in-depth understanding of the real estate concepts, you can join us online or in-person. This way, we help you understand these concepts by discussing and explaining each one of them in detail. We can answer the questions that you may have, help you break down the concepts, and can also help you with assignments and unit quizzes if you are struggling with getting those correct.
Instead of going through the 500-page manual, our Condensed Guides are much smaller Study Guide where you will only focus on the information that you really need to know in order to prepare for your exam. You’re thus, not wasting your time on the areas that are not relevant for passing the exam. Eventually, you’ll be able to go through the material much quicker.
Have a look at our Personalized Tutoring Services offered for the Mortgage Brokerage Courses:
3. SPECIALIZED EXAM PREPARATION SESSIONS
We will help you prepare for your exams. Our most innovative tutoring techniques introduces a separate session before you attend the exam to help you revise the different key areas that you will need to focus on. We’ll go through sample questions and guide you through the procedure to attempt the exam.
We have Special Exam Preparation and Personal One-on-One Tutoring Sessions for Customized Topics to hold you in your most difficult time.
When we are doing things on our own, it can be quite hard and maybe hard to motivate ourselves. So this is where Alberta Real Estate School is here to support you and help you get through this.
Our specialty is we provide quality education and tutoring that will guarantee to make you pass the Mortgage Exams in the First Attempt!
Join Alberta Real Estate School for expert help with understanding the concepts of Real Estate and getting uncommon and detailed tutoring sessions personalized as per your needs. Get our personalized Notes designed to get you through the Real Estate Exams in the first attempt!
If you have any doubts for Exam Preparation of any of the real estate courses or topics, reach out to us directly at 587.936.7779.
Our extensive expertise can help young applicants become successful Mortgage Associates and get break-through advice and exposure through our voice in the Real Estate Community of Alberta.
Check out our YouTube Channel and bookmark your Favourite Playlist!
You can also listen to the blog on our Podcast below. We hope you found this information useful. Happy Realtoring!
HOW TO BECOME A REAL ESTATE AGENT IN ALBERTA?
How to Become a Real Estate Agent in Alberta or How to become a Realtor® in Alberta?– this is a very common question that is always asked. Alberta’s Starting a career as a Real Estate Professional in Alberta is very demanding these days process to get a clear picture of how your Real Estate Journey is going to start.
The Infographic below will show you the steps to become a Real Estate Agent in Alberta.
Now, let’s take a look at the each of the steps in the process in detail that one can follow to become a real estate agent and get their Real Estate License in Alberta.
There are 4 main steps to get started in your real estate career in Alberta. They are
STEP 1 : MINIMUM ELIGIBILITY REQUIREMENTS
The first step to becoming a Realtor® is to meet the minimum eligibility requirements. Before you can enroll into a Real Estate course, you have to get approval by RECA. They will check your eligibility requirements to see if you are eligible to actually enroll for the course. A person –
- Should be at least 18 years of age.
- Must be able to lawfully study or work in Canada.
- Must be able to provide specific government-issued identification
- Have a minimum of Canadian High School Diploma or equivalent.
- Must be proficient in English.
Education and English Language Eligibility
The basic eligibilities include Education and English language requirements categorized by RECA.
The Education requirements are again different for students with Canadian Education and students for International Education – which we have already discussed in our previous articles. Have a look up for those in the links provided if you haven’t already.
After that, comes the English language proficiency testing. There are slightly different set of steps for Proof of English Language Proficiency with Canadian Education and with International Education which can be found in the associated link.
Once you qualify with the Minimum Eligibility Requirements including the Education and English guidelines set by RECA, the next step is to complete a Career Information Session with RECA.
Complete a Career Information Session
The next step you must do is complete a Real Estate Career Information Session by RECA. It is a 10-minute video that gives you an overview about the career options that are available in the real estate industry within Alberta. It will guide you to choose the option that best suits you for real estate licensing.
Set up a myRECA Account
You also need to set up an account with myRECA. myRECA is RECA’s educational platform that allows you to enroll for the Real Estate exams in Alberta. This account is free, it just takes a couple of minutes to set up. So, you would set up an account there and this is where you would start your eligibility application.
The option you want to pick there is called the Education Eligibility Application. They have a couple of different options in case of a person who has moved here from a different province, and they hold a license there, which is not the case for someone who is starting a brand new with the licensing.
Note: If you have moved from a different province, then you are basically transferring your license which is a different process altogether and is thus not covered in this blog. This is for anybody who is new to real estate, and they do not hold a real estate license anywhere else and they just want to start this process in Alberta.
Fees
Go to myRECA.ca and start the eligibility application. It will cost you a $100 fee. This is a non-refundable fee. Once paid, RECA will start your application process.
STEP 2 : PRE-LICENSING EDUCATION
The next step is to complete the pre-licensing education. Once you submit all the documents you get an approval from RECA. Only then you can enroll for your pre-licensing education to get a Realtor® License. You have to apply for a minimum of 2 courses with RECA in order to apply for the Pre-licensing Education.
1. Fundamentals of Real Estate Course – Mandatory Course
This course gives you the foundational knowledge and skills that you would need to practice real estate in Alberta. The cost for this course is $1250. It’s an online course and you would register for this course online through RECA website.
The course fee will include access to your online course materials, and they also have a help desk in case you have problems accessing the course. You will also get access to the e-book online or you can purchase the course manuals from RECA. There are 2 (big) course manuals for the course. You can check out our the details for our extensively prepared Summarized Notes for this course from Alberta Real Estate School to get a good start in your exam preparation process.
There are 10 units in this Course. You will be required to do online activities and quizzes for each unit before you can appear for the final exam. Once you finish the units, you can take a practice exam and then write the final exam.
The exams can be taken at an authorized exam centres, they are not held at RECA. You can check out the list of authorized RECA Exam Centres for details. Currently, due to COVID-19, RECA is providing an option to take the exams online. You can book them directly though your myRECA account at myRECA.ca.
2. Specialty Courses
The second course that you would do is in one of the specialty areas where you can choose which area you want to specialize in.
The different options are:
- Practice of Residential Real Estate
- Practice of Commercial Real Estate
- Practice of Rural Real Estate
- Practice of Property Management
You must take one of these courses in order to get your Realtor® license in Alberta. You can always do more than one course, but initially, you need to start with one of courses from the list above.
Most people will start off with residential real estate, and then once they have their license and they want to expand their practice, they will go back and take more courses if they need to, so if you wanted to do property management or commercial real estate after, you can always come back and do that later.
The cost for each of the courses here is $800.
Total Duration
Between the 2 courses you get 12 months to complete the education requirements. Within 1 year from the date you enroll in the first course, you have to finish both of these courses.
In a nutshell, a total of 2 Courses and 2 Exams will conclude your Pre-licensing Education for Real Estate in Alberta.
STEP 3 : CERTIFIED CRIMINAL RECORD CHECK (CCRC)
Once you have completed your pre-licensing courses, the next step is to get a Certified Criminal Record Check (CCRC).
There are a couple of different types of criminal record checks, the one that you’re looking for is the one with fingerprinting. It takes a little bit longer, they have to send everything out to Royal Canadian Mounted Police (RCMP) in Ottawa and then you get the results.
Now it will take about two to three weeks for RECA to receive your results, and you can have the results sent directly to RECA. So you do not receive the results directly, but RECA does, which is a quicker process.
And if you already have a certified criminal record check which is within a period of six months, then you can still submit your application by using the same CCRC Account, you don’t need to redo it. Just keep in mind, the criminal record check has to be less than 6 months old.
STEP 4 : JOIN A BROKERAGE
To get a license, you have to be employed by a brokerage, otherwise you cannot just apply for a license.
I recommend you to talk to two or three different brokerages, see which brokerage fits your needs the best and go and sign up with them. Once you go to the brokerage, they will have you fill out an application which will then be sent to RECA and you will be able to get your license after that.
Once you get your License and are practicing Real Estate under a certified Brokerage, you have become a Successful Realtor® in Alberta!
Now, how does Alberta Real Estate School fit into all this?
RAMAN – “Being a Licensee myself, I know what are the obstacles one might face while in a position to pass the Alberta Real Estate Exam.”
1. STUDY GUIDES & MOCK EXAMS WITH SOLUTIONS
When you are going through the RECA course you will be given two big manuals for the first fundamentals course, and you will have a big hefty manual for the residential course as well. They are massive with no clear instructions on what is important to focus. The 70% mark is a tricky one to get through, especially in the Alberta Real Estate Exams as the questions are trickier than you expect.
Alberta Real Estate School specializes in offering focused, summarized notes that will focus on key areas that you will have on the exam. Our tutoring has helped many students clear the Alberta Real Estate Exams in the first attempt. Our theory of understanding the concept and giving point to point instructions about the important topics is exceptional.
We scrape out the excess unnecessary information and guide you towards the most relevant topics that you can expect in the exams. We will give you a chance to understand the concepts in a simpler and more effective way and give you personalized tutoring to make you confident about the topics.
Have a look at our list of Extensive Study Guides with Summarized Notes, Key Areas of Focus, and Sample Exam Questions:
2. PERSONALISED TUTORING
If you feel that you need more in-depth understanding of the real estate concepts, you can join us online or in-person. This way, we help you understand these concepts by discussing and explaining each one of them in detail. We can answer the questions that you may have, help you break down the concepts, and can also help you with assignments and unit quizzes if you are struggling with getting those correct.
Instead of going through the 500-page manual, our Condensed Guides are much smaller Study Guide where you will only focus on the information that you really need to know in order to prepare for your exam. You’re thus, not wasting your time on the areas that are not relevant for passing the exam. Eventually, you’ll be able to go through the material much quicker.
Have a look at our Personalized Tutoring Services offered for the following Courses:
3. SPECIALIZED EXAM PREPARATION SESSIONS
We will help you prepare for your exams. Our most innovative tutoring techniques introduces a separate session before you attend the exam to help you revise the different key areas that you will need to focus on. We’ll go through sample questions and guide you through the procedure to attempt the exam.
We have Special Exam Preparation and Personal One-on-One Tutoring Sessions for Customized Topics to hold you in your most difficult time.
When we are doing things on our own, it can be quite hard and maybe hard to motivate ourselves. So this is where Alberta Real Estate School is here to support you and help you get through this.
Our specialty is we provide quality education and tutoring that will guarantee to make you pass the Real Estate Exams in the First Attempt!
CASE STUDY
We had one of our students who was very concerned because she had not studied in a long time. She was doing a career change. Studying on your own with not a single classroom session is not easy. We helped her understand all the important topics by notes focusing on the key areas and other unimportant things scraped out and making multiple practice sessions and exam preparation sessions before attempting the exam. She received over 88% in all of her exams. She passed all three exams on her first attempt with good grades, and she was able to get through this process in three months. She did extremely well and today she is a successful Real Estate Agent in Alberta. (We are proud of her!)
Join Alberta Real Estate School for expert help with understanding the concepts of Real Estate and getting uncommon and detailed tutoring sessions customized as per your needs. Get our personalized Notes designed to get you through the Real Estate Exams in the first attempt! You can become a Successful Real Estate Agent in Alberta with Alberta Real Estate School. Visit our list of Real Estate Tutoring Sessions for details.
If you have any doubts for Exam Preparation of any of the real estate courses or topics, reach out to us directly at 587.936.7779.
Our extensive expertise can help young applicants become successful Real Estate Agents and get break-through advice and exposure through our voice in the Real Estate Community of Alberta.
Check out our YouTube Channel and bookmark your Favourite Playlist!
You can also listen to the blog on our Podcast below. We hope you find this information useful. Happy Studying!
Water Act and Water Rights in Alberta
The Government of Alberta has developed special laws and rights within the legislative constitution to protect water as a natural resource in Alberta. By maintaining sustainable use of the water in present times and conserving water for future generations, we can maintain a healthy environment for ourselves. To facilitate these goals, they introduced Water Act and Water Rights in Alberta.
This topic is important for aspirants who are preparing for the Alberta Real Estate Exams. RECA understands the importance of water as a natural resource and thus, believes in promotion of healthy water management practices and understanding to new Real Estate Agents.
Get a synopsis of the blog at the Video below –
WATER ACT
What is the Water Act in Alberta?
The Water Act is a legislative tool that supports and promotes the conservation and management of water in Alberta. With this statute, the Government of Alberta has committed to protecting existing good standing water rights and water resources for future generations. It recognizes the need for shared responsibility among all Albertans to ensure continued and viable economic growth and prosperity in Alberta.
The Water Act regulates the diversion of water from surface and groundwater sources by a variety of methods including statutory rights for household purposes, registrations for traditional agriculture uses, and licenses. Under certain circumstances, the Water Act may allow for certain diversions to be exempt (for example, firefighting) from licensing requirements. These exemptions are specified in the Water Act – Water (Ministerial) Regulation.
Why is the Alberta Water Act Important?
The Alberta Water Act governs how the Province of Alberta manages water. The purpose of the act is to promote the conservation and management of water while recognizing the need for economic growth and prosperity and flexible management that works cooperatively with governments of other jurisdictions. The water act governs the diversion, allocation, and use of water and regulates and enforces actions that affect water and water use management, the aquatic environment, fish habitat protection practices, and storm water management.
DEFINITIONS
Definition of Water and Water Body in the Alberta Water Act
The Water Act defines Water and Water Body as:
“Water” means all water on or under the surface of the ground, whether in liquid or solid state.
“Water body” means any location where water flows or is present, whether or not the flow or the presence of water is continuous, intermittent or occurs only during a flood, and includes but is not limited to wetlands and aquifers but does not include except for Section 99 “water body” that is part of an irrigation works if the irrigation works is subject to a license and the irrigation works is owned by the licensee, unless the regulations specify that the location is included in the definition of water body. This leads us to Water Rights.
WATER RIGHTS
What are Water Rights in Alberta?
Water Rights are also called as Riparian Rights. Riparian Rights give a landowner, whose property is adjacent to or crossed by a natural water resource, the right to access and make reasonable use of the water. Water rights are legislated under the Water Act in Alberta. All the Water bodies in Alberta are owned by the Alberta Government.
However, individuals have the right to use divert or disturb water. This can be done through an exception or with a license. Alberta Water Rights defines the maximum amount of water that is licensed for use. This makes us realize, there is a need of a Water License in such situations.
WATER LICENSE
In Alberta, one may require a License in certain uses of Water. The Government of Alberta issues the Water License to people who apply for the same. Water License runs with the land, which means when the property owner sells the property, the water license will automatically get transferred to the new landowner. Basically, it belongs to individuals who are physically present near the particular body which the license is issued for as they are the ones who are going to use that water body.
When is a Water License Required?
A Water License is required when you need to identify the following:
- Water Source
- Location of the diversion site
- Volume and Rate of Water
- Timing of the Water to be diverted
- Priority of the Water Right established by the License
- Any conditions the diversion must adhere to.
Water Uses that exempt from Licensing Requirements
There are certain uses of water that are exempt from water licensing requirements. They include the following:
- Domestic Household Use
- Traditional Agricultural Use
- Firefighting
- Wells equipped with Hand Pumps
Water Licensing Offenses
The Water Licensing Requirements under the Water Act of Alberta strictly adheres to the laws and enforcements listed in the Act. If someone is found guilty of not following the rules mentioned by the Act, it can be declared as a serious offence. It gives the right to the Alberta Government to take legal action against the person who committed the crime.
For Eg: Diverting Water without a License is a crime, and the offender may face Enforcement Action as well as a Fine which could go up to $50,000 for an Individual and $500,000 for a Corporate Identity.
SAMPLE QUESTIONS FOR WATER ACT IN THE ALBERTA REAL ESTATE EXAM
Example 1
Mary Ann is helping her clients by rural property. During her research, Mary Ann finds out that the owner of the property has diverted groundwater without having received authority from the Alberta Government. According to the Water Act, what does the property owner need in order to be able to divert water?
- Water Permit
- Water Agreement
- Water License
- Water Easement
The correct answer is 3.
Example 2
Sue Hill is helping her clients John and Mary Jones purchase a small Agricultural Farm. They want to ensure they are able to use the water diversion the previous owner has in place. What should sue tell them about the water license?
- They will have to purchase the water license separately from their previous owners
- They will need to Apply for the Water License from Alberta Government
- They will need to buy the Water License from someone who’s selling it
- Water License runs with the Land
The correct answer is 4.
Example 3
Which of the following uses are exempt under Alberta Water Act?
- Domestic Household Use
- Traditional Agricultural Use
- Firefighting
- Wells equipped with Hand Pumps
- All of the above
The correct answer is 5.
Keen to learn about other Real Estate Topics, say –
Join Alberta Real Estate School for expert help with understanding the concepts of Real Estate and getting uncommon and detailed tutoring sessions summarized as per your needs. Get our personalized Notes designed to get you through the Real Estate Exams in the first attempt! Visit our list of Real Estate Tutoring Sessions for details.
If you have any doubts for Exam Preparation of any of the real estate courses or topics, reach out to us directly at 587.936.7779.
Happy Studying!
You can also listen to this article in the podcast above. We hope you found this information useful. Stick to us for more updates.