The Real Estate Foundation is directed by a Board of Governors, which consists of five appointed members. The British Columbia Real Estate Association, the Real Estate Council of British Columbia, and the Real Estate Institute of British Columbia each appoint one member. The Minister of Finance (BC government) appoints two members.

While a Governor term is three years, they can be appointed for two consecutive terms, serving up to six years in a row. The chairperson is elected at the Foundation's annual meeting in March and serves for one year, from April 1st to March 31st.

As of April 5, 2013 the Foundation Governors are:

• Kelly Lerigny (Chair) - appointed by the BC Real Estate Association in 2010
• Scott Ullrich (Vice-Chair) - appointed by the Real Estate Institute of BC in 2012
• Gerry Martin - appointed by the Real Estate Council of BC in 2013

There are two vacancies on the board, which will be filled by BC Minister of Finance appointees (April 2013).