The Real Estate Council of Ontario (RECO) is a self-managed, notfor-profit corporation, responsible for administering the Real Estate and Business Brokers Act, 2002 (REBBA 2002) and associated regulations on behalf of the provincial government and protecting the public interest through a fair, safe and informed marketplace.
Parking your Real Estate License means you are registered with a Brokerage and your Real Estate License remains active with Real Estate Council of Ontario (RECO).
Some reasons why people quit are unrealistic exceptions of big proﬁts and little knowledge on how to get there. Working with a Brokerage with little support and lack of education too contributes to being successful.
The fact that you are here lend to the some reason why you are looking this up. In Mid July 2017, there were 70,000 Realtors in Ontario. Many part-timer and many in semi-retiring mode and other looking to a steady full time job. Hence it’s a good idea to save of expenses and to put your License on hold while you explore opportunities.
Yes of course there are but limited to maintaining you Registration at RECO plus the RECO Insurance plus the Mandatory Course costs on Renewal – all of these are relatively very affordable.
Yes you surely will. Check for the new fees guideline at reco.on.ca
For as long as you work lawfully and in accordance with guidelines set by the Brokerage. The Broker will always reserve the right to terminate an Agreement.
Yes as per guideline set out by Real Estate Council of Ontario. It has to be in writing and can be sent by Fax, Email or Canada Post Mail.
It’s as simple as when you was working. The process is the same. Your referrals can be a ‘Goldmine”. You can always work with them and another realtor so that you can share the work. Or you can simply refer them to another Realtor of your choice in any Brokerage you choose, and you should arrange for a suitable referral fee/commission.
If the referred Agent is performing all or most of the transaction then a 15 to 20% referral fee is fair. For the Record, this Agreement should be in writing in the prescribed OREA Forms.
You need to maintain complete records on all transactions and the Brokerage will need all documents pertaining to this transaction. As always, on sale/purchase of the property, you will need to ﬁle immediately with the Brokerage a Trade Record Sheet. This will start the process of you getting paid within a reasonable time after closing
The process is simple. Check with Real Estate Council of Ontario to ensure all your education requirements are up-to-date, then simple let the Brokerage know and together we make the arrangements to get you started.
Yes of course . It is a requirements of being a Brokerage. It is a requirement by the Real Estate Council of Ontario.