The real estate regulator, the BC Financial Services Authority (BCFSA), changed its rules around team definitions and structures in April. We’re making these changes to ensure our Medallion Club program’s rules for how teams are defined align with BCFSA’s new rules to ensure members are always meeting their professional requirements.

Key changes you should be aware of include:

• Any team registered with BCFSA must register as a REBGV Medallion Club Team. Any REBGV Medallion Teams must also be registered with BCFSA as a team to qualify for Medallion in the teams category. Teams must be registered with both organizations to comply with BCFSA’s new rules.
• Teams will no longer have designated team leaders and must consist of two or more licenced REBGV members. 
• Teams must declare a team name, which’ll be the same name registered with BCFSA.
• Team members may now be from different brokerage branch offices within the same corporate brokerage.
• Team members will no longer be required to meet a minimum point total to qualify with their team.
• The benchmark ranking system will be replaced with a percentage ranking range (this change applies to individual Medallion Club qualifiers as well as teams).
• If one team member is suspended by BCFSA or REBGV, their entire team becomes ineligible for the Medallion Club that year. Each team member also becomes ineligible for individual Medallion Club qualification.
• Team members may not qualify for the Individual category when on a team.

Here are some examples of common scenarios and how they will work:

• If you create or join a team, your points from that year are applied to that team.
• If a team member leaves, their points go with them and will be applied to their new team. 
• If they join a new team, or stay as an individual, their points will remain with them and are removed from their old team.
• If a team is disbanded or cancelled, each team member takes their points with them, and no points remain with the team.

Teams can add or remove members, and members can create or disband teams anytime during the year, so long as the team is registered with BCFSA and operating within the regulator’s team requirements.

Yes, but only if you’re all working within the same corporate brokerage.

We found that benchmark rankings were confusing for individuals or teams who’d use it to try to calculate their qualification status or try to use the calculation in advertising, which isn’t permitted. 

Now, your individual or team point totals will be calculated into a ranking range that places your team amongst all others in a percentile ranking in intervals of 10 (i.e. 0-10%; 11-20%; 21-30% etc.). Teams in the 0-10% range would qualify for Medallion status.

No. If you’re on a team, you can only qualify for Medallion Club with your team. Only members who aren’t part of a team will qualify for Individual Medallion Club status.

We’re updating our Medallion Club team forms to ensure compliance with BCFSA’s new rules. We’ll let you know as soon as they’re ready. In the meantime, you should first register your team with BCFSA. 

Additionally, if your team does not meet eligibility requirements, team members will be able to see their Medallion Team Status in a ‘pending’ state on www.rebgv.ca.

Correct. The team and all its members are disqualified from the Medallion Club for that year.