In order to operate a mortgage brokerage licensed by the Real Estate Council of Alberta (RECA), the brokerage must maintain a registered business office in Alberta or the City of Lloydminster and the current address of the business office must be provided to the executive director.
The requirement to maintain a registered business office means all of the following conditions have been met:
- the office is a location from which the person conducts business;
- the person has access to and control over the use of the office premises;
- the office is the location where the records required to be maintained by the person in accordance with the Act and the Rules are kept or made available for the purposes of a review; and,
- the office location complies with the requirements of the municipality where it is located.
The Real Estate Act Rules require that the broker supply RECA with the brokerage’s legal business address, including street number, city, province and postal code. When opening a brokerage, brokers must supply to RECA a copy of the zoning compliance (i.e. zoning certificate) for the business address from the local municipality.