What is “organized real estate” and why you would consider becoming a voluntary member

In a previous post I discussed “The acronyms” of “organized real estate“. The purpose of that post was twofold:

1. to explain what is meant by the phrase “organized real estate”; and

2. to emphasize that one can be licensed as either a “sales person” or “broker” under the Ontario Real Estate and Business Brokers Act” (“REBBA”) and NOT be a member of “organized real estate”.

Who you are (a licensed broker under “REBBA”) is different from the organizations to which you may belong (“CREA”, “OREA”, “TREB”, etc.). As you consider how to best build your real estate career, you will certainly consider which of the many associations of “organized real estate” to which you wish to belong.

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.

 

 

Keep you Ontario real estate license – park your license with an Ontario real estate broker

Updated August 2017 with this piece of “real estate career advice“:

Consider getting your Ontario real estate license by taking courses from OREA before the transfer to Humber https://t.co/vPw4rlY3Ur

— Real Estate Prep (@RealEstatePREP) August 22, 2017

As the post referenced in the above tweet suggests, those intending to earn an Ontario real estate license should do so BEFORE the new Ontario real estate licensing process takes effect!

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Keep you Ontario real estate license – park your license with an Ontario real estate broker http://t.co/0brXvmz8ni

— Real Estate Prep (@RealEstatePREP) December 30, 2013

The rules governing your registration as an Ontario real estate salesperson or Ontario real estate broker are found in two sources:

A. The Ontario Real Estate and Business Brokers Act (REBBA) ; and

B. The regulations made pursuant to the Real Estate and Business Brokers Act (REBBA).

Those who are seeking to become or maintain their license as a salesperson or broker should read the statute and the rules. In addition, you must understand the REBBA code of ethics (they are the source of many OREA exam questions).

Your Ontario real estate is  valuable. You worked hard to get it. You have worked hard to provide value to your real estate clients. It has been the key to your real estate career. It takes money and time (in the form of continuing education) to maintain it. In order to maintain your registration with RECO you must: