Licences are not transferable
A salesperson’s licence is valid only while the salesperson is acting as a salesperson employed by and representing the agent listed on their licence (subsection 9(2) of the Real Estate Agents Act). If a salesperson chooses to work for a different agent, their licence is not transferrable to the new agent. The current licence must be cancelled, which may leave the salesperson without a licence until a new licence is issued.
This document outlines the Financial and Consumer Services Commissions (FCNB) licensing process, in the event of a salesperson changing agents.
Moving to a new agent
Moving from one agent to another requires a new licence application. The following three steps are required to complete the process:
- The salesperson must notify the New Brunswick Real Estate Association (NBREA) of their change in agent.
- The NBREA will prepare and send a Notification of Recommended Transfer form to FCNB.
- The salesperson must submit a new application through the FCNB Portal:
- The salesperson must provide proof of payment to the NBREA, demonstrating the appropriate fees have been paid and their membership remains in good standing.
- The salesperson must pay the $75 application fee.
- The new agent’s manager must review and approve the application in the FCNB Portal - only once this step has been completed, will the application be forwarded to FCNB for review.
- The former agent’s manager1 must cancel the salesperson’s licence in the FCNB Portal as soon as possible, disclosing any licensing suitability concerns.
Once the above steps are complete, and there are no licensing suitability issues, a licensing officer at FCNB can issue the new licence.
Expedited Service
As of September 1, 2022, FCNB allows applicants to pay for expedited service. If expedited service is requested, the completed application will be reviewed within two business days. Although FCNB will review the completed application within two business days, the licence cannot be issued until the cancellation from the former agent’s manager has been received. Whether the standard or expedited service is selected, FCNB will follow our standard licensing processes and issue a licence only to a suitable applicant who has submitted a complete application.
Contact:
Financial and Consumer Services Commission
Consumer Affairs Division
200-225 King Street, Fredericton
866-933-2222
info@fcnb.ca
1Paragraph 15(1)(d) of the Act requires an agent to notify FCNB without delay the termination of employment of a salesperson including any relevant details of a dismissal that may be considered misconduct.