In order to maintain your Ontario real estate license you must:
- Maintain your registration with RECO (which has its mandatory fees); and
- Stay “employed” with an Ontario Real Estate Broker (which has its own set of fees)
First: RECO gives you your license. Only RECO can take your license away!
The fees payable to RECO are:
A. Your registration fee which is renewed every two years – currently $390
B. Your RECO continuing education fee – currently $44
C. Your RECO insurance fee – currently $440 annually.
These fees are mandatory for you to maintain your real estate license.
(RECO updated their fee schedule effective January 1, 2017. You will find a list of current RECO fees here.)
Second: You must pay fees to be “employed” with your broker
A real estate license is like an internet domain name. In the same way that you can transfer your domain name from one domain registrar to another, you can transfer your real estate license from one broker to another. Some brokers are members of “organized real estate” and some brokers are not members of “organized real estate”. There are advantages to “employment” with both kinds of brokers.
(Speaking of “domain names”. The domain “.realtor” is owned by “organized real estate”. Do NOT use the .realtor domain unless you believe that you will always be with a broker who is a member of “organized real estate”.
A. Fees to be employed with a broker who is a member of “Organized Real Estate”:
You would work with a member of “organized real estate” if you are actively involved in developing your career as an Ontario Real Estate agent. To learn more about what is meant by “organized real estate” click here.
– TREB (or other local board), OREA and CREA fees (and other acronyms of “organized real estate”
– possible desk fees, etc.
The fees to be with “organized real brokers” can add up. If you are “taking a break” from real estate, you will NOT want to pay these fees.
B. Fees to be employed with a broker who is NOT a member of “organized real estate”.
You would work with a broker who was NOT a member of “organized real estate” if you wanted to take a break from your real estate career AND wanted to ensure that you did NOT lose your real estate license.
– in most cases you will simply pay an “annual fee”. This arrangement is referred to under different names. These names include: “parking your license”, “storing your license”, “shelving your license”, etc.
– in most cases you will stay be able to earn “referral fees”. But your broker would charge an administrative fee to process this.