Becoming a Real Estate Professional in Ontario: New rules and a new school are coming @RECOHelps

 

A bit of advice: If you want to become either a real estate sales agent or a real estate broker in Ontario you should earn these licenses NOW!! The rules are changing and I don’t think it is going to get easier.

I received the following email from RECO on December 15, 2014

Today RECO is pleased to present a white paper outlining its proposed vision for the future of registration education for real estate professionals in Ontario. Strong registration education is essential to the health of the real estate profession and is vital to consumer protection.

My commentary: RECO is changing the process for how to become a licensed real estate agent or broker.

RECO’s vision would reshape registration education so that aspiring registrants are able to “hit the ground running” when they enter the real estate profession.

My commentary: The current education model is NOT adequately preparing people for the Real Estate profession

Students would follow new learning paths, with a new curriculum that would aim to provide students with a comprehensive understanding of the real estate transaction prior to entering the profession. Throughout the program, they would demonstrate and apply their knowledge through simulated, real-life scenarios that assess their progress. Also, before qualifying to apply for registration to enter the profession, aspiring registrants would have to pass an independent certification exam set by RECO.

My commentary: The primary focus will be on the development of practical skills. In addition people will have to pass a separate certifying “exam”. Note that “exam” is in the singular. This sounds very much like becoming a licensed lawyer. I.e. a period of articling and a bar exam. Anyway, less “book learning” and more “real estate doing”.

To implement this vision, RECO would choose a provider to develop the new registration education curriculum, and then select one or more providers to deliver it. Education providers would need to meet robust standards in order to ensure consistent and high quality delivery of the program.

My commentary:  Looks like OREA will not necessarily be the provider of education. This will be interesting – I suspect that OREA will fight very hard to continue the existing relationship.

Under the plan, graduates from selected post-secondary degree and diploma programs could qualify to write the certification exam and enter the profession directly. Post-secondary institutions would become important partners, by offering additional choice to students.

My commentary: Yes, community colleges will be offering a “Diploma” or “Degree” in Real Estate. Sounds a bit like the role that law schools play today.

This is the latest step in the review of our education programs, which began in 2011. The review also led to the launch of a new Mandatory Continuing Education Program, which has been well-received by registrants. Our vision for registration education is the result of extensive stakeholder outreach and research by Benchmark Performance Inc. and Deloitte Inc. on behalf of RECO.

My commentary: RECO is your friend. That said, it looks to me like the process of becoming a real estate agent in Ontario is about to become more bureaucratic. The Real Estate Prep providers will likely have only one exam to prep people for. I like that!

We invite you to learn more about our vision for registration education. The executive summary provides an overview of our vision, while the white paper provides an in-depth description. If you would like to submit comments, please do so in writing prior to February 2, 2015 to whitepaper@reco.on.ca. We look forward to hearing from you.

My advice: If you want a license to sell real estate or to be a real estate broker in Ontario, I would get it before the new rules/school come into plan.

 

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