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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.

FAQs

1What is "Parking"?

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).

2Why do realtors quit?

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.

3Why would I park my real estate license?

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.

4Are there costs involved to maintain my license when it is parked?

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.

5Will I still have to take my some from of continuing education?
Answer
6Will I have to pay RECO errors and commission insurance?

Yes you surely will. Check for the new fees guideline at reco.on.ca

7How long can I stay registered with your brokerage?

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.

8I work for a brokerage currently. How do I transfer my license?

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.

9I'm Retiring. How do I work with my referrals or who can I refer them to?

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.

10How much referral commission is fair and how do I get paid?

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

11How soon can I get back to I want to selling activity?

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.

12Does a brokerage maintain a Commission Trust Account and General Trust Account?

Yes of course . It is a requirements of being a Brokerage. It is a requirement by the Real Estate Council of Ontario.

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