Becoming Licensed to Sell Real Estate in Prince Edward Island
There are a variety of careers you can consider in real estate. A general description of the responsibilities and careers is available here. The following information will help guide you through the process of becoming a real estate salesperson on Prince Edward Island. Should you have further questions on these requirements, please contact the PEI Real Estate Association at (902) 368-8451or email@example.com.
Obtaining Your License
To become a real estate salesperson and obtain your Salesperson License on PEI, you must:
(1) Meet the following qualifications:
- Be at least 18 years of age;
- Be a resident of the province; and
Qualify under section 8 of the Prince Edward Island Real Estate Trading Act. The Act is available on the government of Prince Edward Island web site here.
(2) Register for the Pre Licensing Course offered by the Prince Edward Island Real Estate Association (PEIREA), take the course, and pass the written exam.
(3) Register with a licensed Real Estate Agent and maintain a $2,000 bond.
(4) Fill out a Salesperson License application form at the Provincial Department of Justice, and pay the licensing fee of $200 for a two-year term. This fee must be paid each time you renew your license with the Province of PEI.
As noted, one cannot practice in the trade of real estate without the Provincial License. The Provincial requirements and those of the PEI Real Estate Association "complement" each other, as effective April 1, 2000, the Department of Justice recognized passing the PEIREA Pre Licensing Course as a prerequisite for Provincial Licensing. Once you take the course and pass the exam, marks are sent to the Department of Justice.
Joining the PEI Real Estate Association
When you join the Prince Edward Island Real Estate Association (PEIREA) you also become a member of The Canadian Real Estate Association (CREA). There are annual membership dues and/or fees for both PEIREA and CREA. Information about the national association is available here.
If you are interested in becoming a Member of the PEI Real Estate Association, which includes access to the Multiple Listing Service, you must:
(1) Follow the process to obtain your Salesperson License.
(2) Register with a licensed Real Estate Agent who is a Member of the PEIREA.
You have up to one (1) year to activate your license and join the Association at no charge. If it has been over one (1) year, but less than two (2) years since you took the course, you may enter the Association by paying a fee of $300 plus HST. If it has been two (2) years and over since you took the course, you will be required to pay the full fee for the course, take the course and pass the exam.
(3) Join the Mandatory Real Estate Insurance Alliance Errors & Omissions Insurance Program. All new members will be required to pay a one-time initiation fee of $100 in addition to the annual premium. The PEIREA will forward an invoice to your broker for the initiation fee and the insurance premium. Failure to pay this invoice will result in termination of your PEIREA membership as per Member Programs and Services Article 3.1.03 of the PEI Real Estate Association Bylaws.
(4) Abide by the PEIREA Rules, Regulations and Bylaws.
(5) Pay the $500 member initiation fee for PEIREA
Pre Licensing Course
The PEIREA Pre Licensing Course is two (2) weeks in duration and will be offered at least (2) times per year. To register for the course, you may fill out a registration form at the PEIREA Office on 75 St. Peter's Road in Charlottetown.
The current Pre Licensing Course fee is $3500 plus applicable taxes, payable to the PEI Real Estate Association. The fee is non-refundable and full payment must be received upon registering for the course to reserve your seat.
Individuals interested in a career in real estate may purchase the education reading material at any time throughout the year. This will allow you to review the curriculum, and to decide whether or not a career in this field is the right fit for you. This material in non-refundable, however, the cost will be credited toward the fee for taking the course, should you choose to enroll. As the education reading material may change from time to time, if you wish to take the Pre Licensing Course, you must do so within one (1) year of purchasing the books or you will be required to buy the material again.
At the end of the Pre Licensing Course you will be required to write an exam. A passing mark for the exam is 75%. Anyone who fails the exam may re-write once at no charge.
For more information please contact:
75 St. Peter's Road
Telephone: (902) 368-8451
Facsimile: (902) 894-9487