New Ontario Real Estate Licensing fees from @RECOHelps – Effective January 1, 2017

Ontario Real Estate Agent Fee Changes and New Fees https://t.co/efoP8FHfC0 @RECOHelps explains the new fees effective January 1, 2017

— Real Estate Prep (@RealEstatePREP) August 2, 2017

The cost of becoming an Ontario real estate agent or broker and the cost of remaining an Ontario real estate agent or broker

The real estate industry in Ontario (and every where else) is a “licensed profession”. There are costs to becoming a licensed real estate agent. There are costs to maintaining your real estate license. That said, the costs are far less than the costs associated with other professions.

The licensing costs are subject to change. Effective January 1, 2017 the “Real Estate Council of Ontario” (“RECO”) has increased the “licensing fees”.

RECO’s announcement is here and a chart of the new fees is here.

Notice-of-Fee-Changes-and-New-Fees3

Taking a break from Real Estate? Don’t let your license lapse! Keep your license active!

You worked hard to earn your license. If you take a break from your real estate career you should keep your license active.

Here is how to both:

1. Take a break from real estate; and
2. Keep your Ontario Real Estate License active.

 

 

Legal Corner: Failure to disclose multiple representation leads to major fine @RECOHelps

Legal Corner: Failure to disclose multiple representation leads to major fine https://t.co/XuM3hZmJ0p

— Real Estate Prep (@RealEstatePREP) January 30, 2017

The article referenced in the above tweet is extremely important. The days of “multiple representation” may be numbered.

The article includes the following reminders:

Effective April 1/16: @RECOHelps announces changes to Real Estate Licensing Process

In December of 2014

Effective April 1/16: @RECOHelps announces changes to Real Estate Licensing Process https://t.co/1QXFw5l9Tq – Complete revamp coming 2019

— Real Estate Prep (@RealEstatePREP) February 5, 2016

What follows is an email that I received this morning. The above tweet references the following information. In summary:

1. It appears that the content – in terms of the required courses – of the existing licensing process will continue until 2019.

2. People will have now have to complete ALL five of the required courses before starting the articling process. The one elective will be taken during the articling process. This will take effect on April 1, 2016. Therefore …

3. Although not explicitly stated, it appears that OREA will cease (possibly completely) to be the sole course provider for RECO Ontario Real Estate exams.

It is very clear that starting in 2019 it is becoming to become much more difficult to achieve either a Broker’s license or a license to see real estate in Ontario.

So, if you are considering a career in real estate, you should get moving!!What follows is the information received …

Important changes are coming to pre-registration education that will boost the knowledge of new entrants to the profession. 

>RECO is making these changes with support from OREA, the current education provider.

Beginning April 1, 2016, aspiring registrants will have to complete five courses before they can register to trade in real estate, instead of three. The two additional courses, including property law, were previously articling requirements. Including them in the pre-registration phase will help aspiring registrants hit the ground running when they enter the profession.

The change will apply to those who enroll in the pre-registration program beginning April 1. Those who enroll before that date will be subject to the current three course requirement.

“Real estate is a demanding profession, so aspiring registrants and their clients will benefit from additional education before they start trading,” says RECO Registrar Joseph Richer. “We’re pleased to have worked with OREA to make this happen.”

“Improving education standards will help ensure that the salespersons of tomorrow are even more knowledgeable and capable right from the start,” says OREA CEO Ed Barisa. “As the long-standing RECO-designated provider of real estate education in Ontario, we look forward to implementing this change. And, as always, we will continue to work to improve the student experience at the OREA Real Estate College.”

Development of new registration education program ongoing

Effective April 1/16: @RECOHelps announces changes to Real Estate Licensing Process

In addition, RECO and OREA have extended their education contract until December 31, 2020.RECO has been engaging in a thorough review of registration education, and will launch a new program in 2019. The extension of the contract with OREA will allow for an 18-month transition period between the current and new programs.

Richer says: “During our comprehensive review of the current program, we heard time and again that new registrants needed to be more practice ready when they enter the profession. We worked with OREA to see what could be done now to move us closer to that objective, as we work to renovate the program for the long term.

“The best solution was for the courses to be moved from the articling phase to the pre-registration phase. Extending the contract with OREA gave us the opportunity to make this much-needed change right away and provide us the time to build the new structure. This was an important first step in the move to the new registration education program.”

You can learn more about the work on the new program here.

More info about additional courses

The Residential Real Estate Transaction and The Commercial Real Estate Transaction

Aspiring registrants will also now be required to take both the commercial and residential courses prior to becoming registered.  Previously, they would take one before registration and the other during the articling phase. Our consultative review of the program showed wide-spread support for this change, ensuring that new registrants have understanding of both commercial and residential right from the start.

Real Property Law

The existing registration courses cover real estate law, while Real Property Law reinforces and expands on the concepts that students have learned.

New learning path

OREA has produced a learning path that illustrates the revised requirements.Chart of the course changes

Enrolled before April 1/16	Enrolled on or after April 1/16
Pre-registration – three courses: Real Estate as a Professional Career Land, Structures and Real Estate Trading The Real Estate Transaction – General + The Residential Real Estate Transaction or The Commercial Real Estate Transaction	Pre-registration – five courses: Real Estate as a Professional Career Land, Structures and Real Estate Trading The Real Estate Transaction – General + The Residential Real Estate Transaction The Commercial Real Estate Transaction Real Property Law
Articling – three courses: The Residential Real Estate Transaction or The Commercial Real Estate Transaction (whichever they did not complete in pre-registration) Real Property Law One elective	Articling – one course: One elective

For more information about pre-registration education, visit the Ontario Real Estate College website.

16

Ontario Commercial Real Estate Exam Prep Course

The OREA Commercial Exam is love by few and despised by many. The Exam focuses on the standard “Commercial Lease”. “Commercial Leases” are in a “business context”. Business analysis is largely about math and numbers.

Therefore the OREA Commercial Real Estate Exam is about math and numbers. The exam is what I would call:

“A mile wide and an inch deep.”

The exam tests the “wide” application of a number of simple principles.

That said, you must:

1. Understand what those principles are;
2. Be able to apply those principles (yes math)

in the context of the questions.

In celebration of this reality we are offering the:

Ontario Commercial Real Estate Exam Preparation Workshop (OREA Commercial Exam)

When: Sunday November 8, 2015 – 1:00 p.m. – 5:00 p.m.

Where: University of Toronto Downtown  – Room TBA

Who: John Richardson, Ontario lawyer and real estate broker

Investment: $95 (HST and materials included)

Register – contact form:

Name(required)

Email(required)

Phone

Tell us the date course date you want - we will reply with payment instructions(required)

Submit

Δ

Elton John Is Not The Only One Betwixt By Marilyn Monroe!

https://twitter.com/RealEstatePREP/status/548671634866200576

real estate behind the scenes

It seems we are too!

Last week while showing a condo at the Absolute Towers project I was intrigued by the shape and design of one of the buildings. The units come with spectacular and panoramic views.Ingenuity abounds and is evident even in the elevator which displays a screen with the largest numbers I’ve ever seen. It’s no wonder this project was nicknamed the Marilyn Monroe.

The woman and her legend continues to capture,inspire, motivate and actually demands us to write about her. Her presence lives on not only in pictures but in the hearts of all of us. Perhaps it was the combination of her beauty, her innocents and at times a tormented life that somehow managed to keep us betwixt and between all these years.

The Absolute Towers, in Mississauga were designed by Yansong Ma, a prominent Japanese architect and founder of Mad Architects. Fernbrook Homes were the developers of the project.

How this building came to be named after the…

View original post 52 more words

Let Me Take You To All Things “Dolce”……..On The Danforth!

https://twitter.com/RealEstatePREP/status/548670786354298880

real estate behind the scenes

The Danforth, also known as Greek Town, is an area in the east end, in the city of Toronto. It is a fascinating, ageless neighbourhood. Full of vibrant, eclectic energy. You’ll  find amazing restauranteurs and shop owners all having a story to share.  Everywhere I look I see interesting, beautiful faces. And the real estate is just as appealing as the people that live here.

The amazing architect dates back to the early 1900’s and was one of the major settlements for Greek immigrants. If you happen to be a visitor in our city don’t be surprised if you run into one proud Greek resident telling you that some of the scenes in the movie  “My Big Fat Greek Wedding” were actually filmed in their unforgettable neighbourhood.

While shopping at my favourite local fruit market I took the opportunity to stop by and gaze at the lovely gelato and sweets. One…

View original post 217 more words

For #Americansabroad in Canada the “own vs. rent” question is more difficult

Excellent on the "To own vs. to rent question" http://t.co/vMtRJ7JGqI -Relevant to #Americansabroad bc it assumes that the cap gain is taxed

— Real Estate Prep (@RealEstatePREP) December 18, 2014

As real estate prices continue to increase, man are asking the question whether it is better to rent or to own. Obviously, there are a number of intangible factors that are important. The tangible factors are of course money and the economics of investment. The economics of investment are influenced by taxation. As real estate professionals you are called upon to advise your clients. Interestingly one of he most important questions is to know whether your client is a U.S. citizen (triggered by having a U.S. birthplace). The reason is:

Real estate agent helps property sellers

Good post from this Australian real estate professional. Theme: Your role depends on who your client is. So simple, but so true!

Real Estate in Cranbourne | Buying in Cranbourne

The function of a Real Estate broker is to act as an intermediary, a mediator between buyers and sellers of prime properties and Real Estate, and Real Estate brokers also find out house owners who want to sell and clients who want to buy homes. However, each Real Estatebroker has his own way of working, and two agents might not work in the same way.

It is vital that a Real Estate agent or broker must be very well connected to the Real Estateindustry and also have great know-how about the way the industry works. Every client will expect the Real Estate agent to have a deep knowledge about the market, and the broker will have to give information on the present Real Estate listings, earlier sales, he should have an efficient and practical marketing strategy and some good references. It is of prime importance that people look…

View original post 339 more words

I chose real estate.

Nice post from this Rochester Realtor. Bottom line: You can serve your community by becoming a real estate professional.

What Questions To Ask Your Agent When Selling

Simple but true. You must be able to work with your agent.

Uncle Sam's Real Estate Blog

From deciding on the sale price to closing the final deal, the role of your real estate agent is to make sure every aspect of the sale process goes smoothly. In order to accomplish this goal, you and your property expert need to be on the same page. Below are a few questions to ask your real estate agent before putting your home on the market.

Is My Home Ready To Be Sold?

Ask your real estate agent their professional opinion as to whether your home is ready to be sold in its current condition or if it would be advantageous to make improvements first. In some cases, a simple renovation can ensure that you get a much better sale price on the home.

How Much Have Other Comparable Homes Sold For In My Area?

The answer to this question will help you to get a clear picture of what your…

View original post 197 more words