What is Parking ?
Parking your license is about putting your real estate career on temporary or long-term hold. In order to trade in real estate in Ontario, brokers and salespersons must be registered under the Real Estate and Business Brokers Act, 2002.
Besides the educational requirements, one needs to be associated with a Brokerage before being Registered as a Real Estate Sales Professional with RECO. The Real Estate Council of Ontario (RECO) is responsible for administering the Real Estate and Business Brokers Act, 2002, and associated regulations on behalf of the provincial government.
As of June 2022, there are approx 82,000 registered real estate professionals in Ontario – an 80% increase over the past 10 years with a pretty much even distribution of men and women.
The fact is:
The costs of acquiring a Real Estate License + the time involved = A costly amount.
The educational requirements to become a New Agent have been constantly changing. There is a belief that at some point these education levels will be too much for an average person to pass and qualify.
So what does one do if one needs to put his career on hold?
You will still need to be associated with a Brokerage, but perhaps at this point a NON-TREB and NON- Full-Service Brokerage will be your best option. You will be able to Park Your Licence at lower costs until such time as you wish to be active again.
Yes, you will still need to comply with the RECO Continuing Educational course. You will still be licensed, you will still be able to put together transactions – you are still an Agent!
To gather further info, simply send us the form below.
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We will create the required paperwork – it’s that easy.