Encyclopedia
Real Estate Services Act (RESA)
The BC law regulating real estate licensees.
For example: A buyer learns licensees are regulated under RESA. (Illustration only, not a real deal.)
Official source: Real Estate Services Act (BC Laws)
Example only, not a real client. Say you are choosing an agent. You check that the person is licensed under BC’s rules for real estate services, which set standards for conduct and disclosure.
What I’d tell a friend
Work with licensed agents. You can check a licence on the regulator’s website.
Why it matters to you
It's why licensees owe duties to their clients, and why you can complain to the regulator if those duties are broken. Working with someone who isn't licensed means losing those protections.
How to use it in your deal
Owners, buyers, tenants and landlords should know RESA protects you when dealing with licensees: they must be licensed, act in your best interests if they represent you, disclose conflicts and handle deposits in trust. Check licensing on BC Financial Services Authority (BCFSA)'s site. Owners hiring a property manager should confirm licensing and how rents and deposits are held and reported.
Buyers paying deposits should confirm they go to a brokerage trust account. If something goes wrong, you can complain to BCFSA. Some activities, like owners managing their own property, are exempt, so ask what applies. Landlords who let a friend or relative "help with leasing" for a fee should check whether that person needs a licence.
Licensees must also give consumers prescribed disclosures, including disclosure of representation and of any personal interest in a deal, such as buying a property they're listing. Under RESA, deposits held in trust generally can't be released without proper authority, which protects buyers and sellers if a deal collapses.
Mistakes I see
Dealing with unlicensed people. Not checking trust arrangements. Assuming all helpers are regulated.
In BC and Vancouver
RESA and its regulations and rules set the framework. BCFSA administers it.
Official sources: Real Estate Services Act (BC Laws) · Real Estate Services Rules (BC Laws) · BC Financial Services Authority
What it is
BC’s Real Estate Services Act sets the rules for licensing and conduct of real estate agents and brokerages.
It is overseen by the BC Financial Services Authority.
What it means for you
Licensed agents must follow rules on disclosure, trust money and conduct.
If you have a concern, you can contact the regulator, the BC Financial Services Authority.
You can check an agent’s licence on the regulator’s website before you hire them.
Questions to ask before you sign
- Is this person licensed?
- Where's my deposit held?
- Who represents me?
- How do I complain?
- Is this activity exempt?
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General information for British Columbia only. It isn’t legal, tax, accounting or financial advice, laws and rates change, and reading it doesn’t make you my client. Any numbers or scenarios are hypothetical. Check the linked official source and talk to a lawyer, accountant or other qualified professional before you act or sign anything. See the terms and disclaimer.