Can I get a real estate license after bankruptcy?

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If you’re thinking of a real estate career in Canada but have a bankruptcy in your past, don’t worry too much. Licensing rules differ by region, focusing on money management and fair play. Bankruptcy isn’t a total roadblock; demonstrate positive financial steps, like a debt repayment plan, to move forward. Reach out with questions, we’re here to help!

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Question

Can I obtain a real estate license after declaring bankruptcy? I need to know if my bankruptcy status will impact my ability to get a real estate license.

From: Anonymous Question, Alberta (AB)

Debt Insiders Answer

If you’re in Canada and considering a real estate career but worried about past financial hiccups like bankruptcy, don’t stress too much. Each region has its own set of rules for getting a real estate license. They generally look at factors like your past legal issues, how you handle money, and whether you play fair. Bankruptcy can be a consideration, but it’s not a deal-breaker. You might need to show you’ve taken positive steps, like sticking to a debt repayment plan, but what’s required can differ depending on where you’re planning to work in real estate.
If you have any questions, reach out via phone, text or live chat. We’re here to help!

From: Insider Scott

Office of the Superintendent of Bankrupty (OSB) Answer

In Canada, declaring bankruptcy does not automatically disqualify you from obtaining a real estate license. According to the Bankruptcy and Insolvency Act, specifically in Section 178, while certain professions may have licensing requirements that could be impacted by bankruptcy, the Act itself does not explicitly prevent an individual from obtaining a real estate license solely because they are bankrupt.

However, it’s important to check with the relevant real estate regulatory body in your province or territory, as they may have specific regulations regarding the impact of bankruptcy on professional licensing.

From: This answer is provided by scanning the OSB Bankruptcy & Insolvency Act and related directives

Related Questions

Here are the top 5 most frequently asked questions related to obtaining a real estate license after declaring bankruptcy, based on the provided sources and general online trends:

1. Will I lose my real estate license if I file for bankruptcy or a consumer proposal?

No, filing for bankruptcy or a consumer proposal does not automatically result in the loss of your real estate license.

2. Do I need to notify the Real Estate Council of Ontario (RECO) if I declare bankruptcy?

Yes, you must notify RECO within five business days of filing for bankruptcy or a consumer proposal.

3. What documents do I need to provide to RECO if I declare bankruptcy?

You need to provide a signed statement explaining why you filed, Form 69, Form 79, Form 65, and Form 84 (if applicable).

4. Can I become a real estate agent if I have previously filed for bankruptcy?

Yes, you can still register as a real estate agent, but you must disclose your past bankruptcy when applying.

5. Will there be conditions imposed on my real estate license if I declare bankruptcy?

Yes, RECO may impose conditions on your license, such as limitations on becoming a Broker of Record or Branch Manager.

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