Becoming A New Brunswick Realtor

To become a real estate agent in New Brunswick, you must complete a four-step process to obtain your licence. The profession is co-regulated by the provincial government through the Financial and Consumer Services Commission (FCNB) and the New Brunswick Real Estate Association (NBREA). The first step is an online introduction to real estate, designed to give an overview of the obligations and expectations of the role. The second step involves self-directed study, with access to support from the NBREA, followed by a three-day practicum. The third step is to take the exam, which consists of 80 multiple-choice questions and an exercise. The final step is to gain your licence, which requires registration with a licensed real estate company.

Introduction to a Career in Real Estate course

The Introduction to a Career in Real Estate course is an online course that serves as the first step towards becoming a licensed real estate agent in New Brunswick. This course is offered in partnership with the New Brunswick Real Estate Association (NBREA) and the New Brunswick Community College—Saint John. It is available in both English and French and costs $175 + HST.

The course provides an overview of the obligations and expectations of a salesperson trading real estate in New Brunswick. It covers the necessary information to help individuals decide if a career in real estate aligns with their interests and goals. The content includes an introduction to the real estate industry, the role of a salesperson, and the legal and ethical obligations associated with the profession.

The course is self-paced, allowing participants to complete the material at their own convenience. It serves as a foundation for those considering a career in real estate, providing an understanding of the industry, the sales process, and the regulatory framework within which real estate agents operate in New Brunswick.

Upon completion of this course, individuals will have the knowledge to make an informed decision about pursuing a career in real estate. They will be aware of the responsibilities, challenges, and opportunities presented by the profession. This course is a prerequisite for the subsequent Salesperson's Pre-Licensing Education Course, which prepares individuals for the qualification exam.

The Introduction to a Career in Real Estate course is an essential step towards obtaining a real estate license in New Brunswick, ensuring that individuals are well-informed and equipped with the basic knowledge needed to embark on their real estate journey.

Salesperson's Pre-Licensing Education Course

The Salesperson's Pre-Licensing Education Course is a crucial step in becoming a licensed real estate agent in New Brunswick. This course is designed to introduce newcomers to the real estate industry and prepare them for the qualification exam. It is offered as a self-directed study option, allowing potential members to learn at their own pace and accommodate their schedules.

The self-directed study course covers various modules related to real estate, which students can complete from the comfort of their homes. During their studies, students can seek assistance from a dedicated staff person at the New Brunswick Real Estate Association (NBREA) to deepen their understanding of the course content. The course materials and the administration and correction of the exam are all included in the current tuition fee of $2,650 + HST.

An essential component of the Salesperson's Pre-Licensing Education Course is the Practicum. This is a three-day session held once a month, usually during the third week, and conducted through a combination of live webinars and online content. The Practicum is mandatory for students to apply their knowledge in a more practical setting and prepare for the upcoming exam. It also covers essential aspects such as completing industry forms and drafting clauses, which are integral to working in the real estate industry.

To be eligible to take the Practicum, students must pre-register by contacting the Office Coordinator. After completing the Practicum, students can proceed to take the PLE exam, which is typically held the week after. It is important to note that the Practicum and the exam are both subject to pre-registration with the Office Coordinator.

The Salesperson's Pre-Licensing Education Course sets the foundation for aspiring real estate agents in New Brunswick, providing them with the knowledge and skills necessary to pursue their careers in the industry.

Examination

The Examination is the third step in the process of becoming a real estate agent in New Brunswick. It is a crucial step, as it determines whether you have acquired sufficient knowledge and understanding of the real estate industry to obtain your licence. Here is a comprehensive guide to help you prepare for and navigate the examination process:

Understanding the Exam Structure

The Salesperson's Pre-Licensing Examination is designed to assess your comprehension of the real estate industry and your ability to apply relevant concepts. The exam consists of multiple-choice questions and practical exercises, such as completing an Agreement of Purchase and Sale based on a specific scenario. This exam is administered online and in person.

Exam Content and Preparation

The examination will cover a range of topics that you have studied during your pre-licensing education. These topics include:

• Real estate laws and regulations in New Brunswick
• Property types and valuation methods
• Listing and marketing properties
• Ethical standards and professional conduct
• Financial calculations and analysis
• Understanding local market trends

To prepare for the exam, it is essential to attend the Practicum, which is a crucial component of your pre-licensing education. The Practicum provides hands-on training and helps you apply the concepts learned in a practical context. Additionally, you can access study materials and resources provided by the New Brunswick Real Estate Association (NBREA) or seek guidance from their staff.

Passing Requirements and Retakes

To pass the examination, you must achieve a minimum score of 75%. This passing grade reflects your competency and understanding of the material. If you do not achieve the passing score on your first attempt, you are allowed to rewrite the exam once within six months. However, if you need to retake the exam a third time, you must pay a fee of $1,325, which is half the cost of the Pre-Licensing Education Course.

It is important to note that there are limitations on the number of retakes. If you retake the course and unsuccessfully write the exam four times, you must wait for a period of one year before attempting the exam again or requesting a waiver from the Committee of Examiners.

Exam Day Logistics

On the day of your examination, ensure that you arrive at the designated exam centre on time. Bring valid identification and any necessary materials, such as calculators or reference sheets, if permitted. The exam proctors will provide you with instructions, and you will be allocated a specific time frame to complete the exam.

Results and Next Steps

Once you have completed the examination, your results will be processed and communicated to you. If you achieve the passing score, congratulations! You are one step closer to obtaining your real estate licence. The next step is to initiate the process of becoming licensed to trade in real estate, which includes registering with a licensed real estate company and obtaining membership with the NBREA.

However, if you do not pass the exam, carefully review the feedback provided and understand your areas of improvement. Utilise the resources available to strengthen your knowledge and consider reaching out to the NBREA for guidance on retaking the exam.

Becoming Licensed to Trade in Real Estate

Once you have completed the necessary training and passed the exam, there are a few more steps to take before you can start trading in real estate. Here is a detailed breakdown of what you need to do to get your licence.

Firstly, you must be registered with a licensed real estate company. It is recommended that you contact various companies in your area of choice to discuss working arrangements. Once you have determined which licensed real estate company you will work for, you can obtain your membership with the New Brunswick Real Estate Association (NBREA). You will need to complete a New Member Form and pay the membership dues. NBREA will then make a recommendation to the Financial and Consumer Services Commission (FCNB) for your licence.

The FCNB is responsible for the regulation and enforcement of real estate, among other industries, in New Brunswick. All real estate agents and salespeople operating in the province must be licensed with the FCNB and be members of the NBREA. To apply for a real estate licence, you must complete an application, pay the application fee, and submit a criminal record check for review through the FCNB Portal. The standard licence application processing time is 10 business days, or two business days if you request expedited service for an additional fee. Licences are valid for 12 months and must be renewed by submitting a renewal application, paying a renewal fee, and providing a bond continuation certificate.

In addition to your NBREA and FCNB memberships, you will also need to join a local real estate board. The Local Real Estate Boards administer access to the Multiple Listing Service (MLS) System, lock boxes, and other supplies. Contact your local board to find out how to join and what fees are associated with membership.

NBREA Membership

To become a real estate agent in New Brunswick, you must complete a four-step process before you can be licensed. The New Brunswick Real Estate Association (NBREA) is responsible for the pre-licensing education and preparation of prospective real estate agents.

The NBREA Membership is a crucial part of becoming a licensed real estate agent in New Brunswick. Here's a detailed overview of the NBREA Membership process:

Once you have successfully completed the pre-licensing education, examination, and other requirements, you can proceed with obtaining your NBREA Membership. This membership is essential for becoming a licensed real estate agent in the province. Here are the steps to obtain NBREA Membership:

• Determine Your Licensed Real Estate Company: Before applying for NBREA Membership, you must decide which licensed real estate company you will work for. This step involves contacting various companies in your preferred area, discussing working arrangements, and ultimately choosing the company you want to be affiliated with.
• Complete the New Member Form: After you've determined your real estate company, you need to fill out the New Member Form provided by the NBREA. This form is crucial for initiating the membership process and providing the NBREA with your necessary information.
• Pay Membership Dues: Along with submitting the New Member Form, you are required to pay membership dues to the NBREA. These dues are mandatory and contribute to your overall licensing process.
• Recommendation to the Financial and Consumer Services Commission: Once the NBREA receives your completed form and membership dues, they will make a recommendation on your behalf to the Financial and Consumer Services Commission (FCNB) for your license. This recommendation is a vital step in obtaining your license to practice real estate in New Brunswick.
• Maintain Membership with Continuing Education: NBREA requires its members to actively maintain their membership by participating in Mandatory Continuing Education (MCE) each year. This ensures that real estate agents stay up-to-date with industry knowledge and best practices. The MCE course is determined by the Committee of Examiners and must be approved by the FCNB.

The NBREA Membership process is a critical step in becoming a licensed real estate agent in New Brunswick. By following these steps, you can ensure that you meet the necessary requirements to begin your career as a real estate agent in the province.

Frequently asked questions