Our corporation was established in 2005, to protect the public in the event of fraud on the part of a real estate licensee while providing real estate services. We’re a non-profit organization; we pool the assessments paid by licensees and use those funds to pay claims to members of the public who have suffered a compensable loss. The Real Estate Services Act (RESA) requires every real estate licensee in BC to contribute to the Special Compensation Fund. Licensees pay their assessments every two years with their licence renewals, and receive an annual report on the fund and the payments made from it during the previous fiscal year.
We are accountable to the public through our board of directors. Three of the board members are appointed by the BC Financial Services Authority (BC’s regulator for real estate licensees) and two by the BC Real Estate Association the professional membership organization for BC real estate practitioners).
We publish an annual report outlining payments into and out of the fund and undergo an annual external audit.