Years ago, to be licensed to trade in real estate, you just needed to complete a form and pay a small fee and you were ready to sell real estate. Things sure have changed when we look at the new registration requirements and enrolment process for new Realtors in Ontario. The following is the registration sequence of events for anyone wishing to sell real estate in this province, as coordinated by the Ontario Real Estate Association:
- Complete Course 1: This course is offered via e-learning or correspondence and it addresses the challenges and responsibilities of selling real estate in Ontario. It is an overview and a foundation for subsequent courses. The cost is $440.
- Complete Course 2: This course is offered via e-learning, correspondence or 60 hours in-class. It is very intensive and covers such items as land and property registration, municipal planning and land use regulations, elements of a home and building, property valuation, representation relationships and the process of trading in real estate and REBBA 2002 legislation. The cost is $470.
- Complete General & Course 3 Advanced (Residential OR Commercial): This course will provide a detailed overview of the real estate transaction, from the listing agreement through to the final sale. The cost is $330 for the general course and $330 for the advanced course, BOTH are required for pre-registration.
You then have one year upon completion of your Course 3 Advanced exam to sign up with a Brokerage and register under the Real Estate Council of Ontario (RECO) and the corresponding local district board (i.e. Toronto Real Estate Board).
START OF ARTICLING STAGE (2 Years): During this period, the individual must complete the Real Estate Property Law course and the remaining Advanced Course 3 that they have not already completed (Residential or Commercial), as well as one elective before the expiration of a two year window.
Complete missing Course 3 – (Residential OR Commercial that has not already been completed): This course will provide a detailed overview of the real estate transaction, from listing agreement through to the final sale. The cost is $330.
Complete Real Property Law: This course will provide students with a clear understanding of legal issues concerning property ownership and in-depth knowledge of a number of legislative acts. The cost is $430.
Complete One Elective:
Principles of Mortgage Financing: $430
Principles of Appraisal: $430
Real Estate Investment Analysis: $430
Principles of Property Management: $430
ON-GOING CONTINUING EDUCATION
After the completion of the articling period which lasts two years, the salesperson must then take mandatory continuing education courses (CEUs) to maintain their registration with RECO. The RECO update course MUST be taken every two years and is equivalent to six CEU’s. Another 18 credits must be achieved through electives of your choice, totalling 24 credits every two years.
Most brokerages offer in-house training, mentoring programs and Broker guidance to further support and educate their salespeople. The educational standard for the industry is continually being raised along with a strict adherence to the RECO Code of Ethics.
Here are just a few good questions to think about when selecting a broker are:
- Does the company have a strong brand image?
- Do they have a good reputation in the community?
- Is the broker selling or non-selling?
- What kind of support services are offered?
- How long have they been in business?
- Are they financially viable?
- Do have a relocation component?
- Do they have luxury property marketing capability?
- What kind of training do they offer?
- What are the facilities equipped with?
There are many more questions, but these should get you started.
Anyone interested in exploring a real estate career can visit www.orea.com.
