As the independent office that protects home buyers and sellers by promoting fair and efficient business practices, the Real Estate Division registers real estate brokerages, property management brokerages, salespersons, representatives, and mortgage brokers and sets the registration and business practice requirements for all registrants in the province of Manitoba.
Registered brokerages have various ongoing requirements. We conduct compliance reviews to monitor and assess whether brokerages are complying with those requirements.
A registered brokerage is required to establish, maintain, and apply policies and procedures that establish a system of controls and supervision (a compliance system) that:
• provides reasonable assurance that the brokerage and individuals acting on its behalf comply with real estate or mortgage legislation, and
• manages the business risks in accordance with prudent business practices.
Each brokerage is responsible for determining the most appropriate compliance system for its operations. Brokerages must keep in mind both the specific legal requirements they must adhere to, and the principles-based obligations that guide the activities and operations of the brokerage and its related individuals.
In addition to principles-based obligations, registered brokerages and individuals are governed by specific business conduct requirements contained in The Real Estate Services Act and The Mortgage Brokers Act and related regulations.
Examples of key business conduct requirements for registered brokerages include trust account and trust record handling requirements, record maintenance requirements, policies and procedures, and complaint handling.
For more information:
• The Real Estate Services Act
• Real Estate Services Regulation
• The Mortgage Brokers Act
• Mortgage Brokers Regulation
Registered brokerages have ongoing financial requirements, including financial reporting, maintaining sufficient working capital, and having adequate insurance coverage.
For more information:
• Real Estate Services Regulation – Part 5 (Section 5.15 to 5.17(2))
• The Mortgage Brokers Act – Sections 13, 29 and 30
• Mortgage Brokers Regulation – Sections 7, 8, 24, and 25