Welcome to your career in real estate!

Welcome to your career in real estate!

You have just taken your first step towards a rewarding career in real estate. The real estate industry and profession in Ontario (and other jurisdictions) is heavily regulated.  You can get your license to sell real estate in as little as four months. Real Estate Prep will provide you with lots of information and offer you real estate preparation courses, study aids, OREA real estate math,  OREA exam tutoring, the OREA admissions test, and Ontario Real Estate Career Coaching

How is the real estate profession regulated?

There are many statutes Ontario laws governing real estate. In your educational journey to earning your license, you will encounter all of them. But, for the moment, let’s concern ourselves with the laws governing you – the agent!

The Real Estate and Business Brokers Act (REBBA)

The Ontario Real Estate and Business Brokers Act provides the legislative framework for who can sell real estate in Ontario. You should read this piece of legislation, not once, not twice, but many many times! It will be your “Bible” as you progress through the process.

The Real Estate Council of Ontario (RECO)

In their own words:

“The Real Estate Council of Ontario (RECO) is a self-managed, not-for-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.

RECO was established in 1997 as a delegated administrative authority under the Safety and Consumer Statutes Administration Act, as a result of the mutual desire of the government and the real estate industry to enhance professionalism, increase consumer protection and provide an effective, efficient and responsive regulatory framework. The Ministry of Consumer Services continues to be responsible for the Real Estate and Business Brokers Act, 2002 and associated regulations, as well as general oversight of RECO.

The administration and enforcement of the Act and its regulations are the responsibility of RECO. RECO administers the Real Estate and Business Brokers Act, 2002 in accordance with the terms of the Administrative Agreement between the Ministry of Consumer Services and RECO.”

In other words, RECO administers the law.

Ontario Real Estate College (OREA)

“OREA” provides the training courses that are required to obtain your license to sell real estate in Ontario.  In order to get your license you must:

First:

Complete Course 1, Course 2 and Course 3. – this can be achieved in as little as four months.

Second: Upon completion of these three courses, you are then free to seek employment with a broker. The first two years of this employment is called “articling”. During this articling period you must complete three additional courses including “Property Law”.

The bottom line is that you can be selling real estate within as little as four months.

Our preparation courses will assist you in this process!

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