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Carol Stinson P.O. Box 95 Magnetawan, ON P0A1P0 Mobile: 705-571-3325 Fax: 1-888-532-7639 Email Carol

Frequently Asked Questions About Parking Your Real Estate License


 Parking your Ontario real estate license answers frequently asked questions Get The Facts Before Parking Your Real Estate License!!

If you are considering parking your real estate license, the following questions might come up.  Whether you have just finished your pre-registration courses or if you are a seasoned Ontario real estate agent, these FAQs can provide answers to some common questions about parking your license and about this brokerage.

 1.  How many real estate agents are registered with your company?
        
This is the most unusual question I have encountered.  I am not sure why the question of "how many" is important or even relevant.  I would think that more importantly are questions "How can you help me?" or  "Can I rely on you?"   However, since its been asked, I will try and give an answer.  The number I give you today will be different tomorrow because my service is constantly being discovered when it is needed. This brokerage is a work in progress, is growing steadily and provides a unique service for real estate agents in Ontario.  I have been licensed since 1983, working with nationally known brokerages and know all the requirements for registration, education, advertising etc.  I have stopped active selling and changed course by opening this service for others like myself.  The experience gained over the years of active selling and interaction with other real estate agents serves as a solid base for a business assisting those who need to "park" their license.  I offer integrity and diligence and personalized service.  Read the recommendation and testimonials.

 2.  What is "parking" a real estate license?
        Technically, you cannot park a license.  You can be registered with a non-board brokerage so you would not be a part of organized real estate.  You do not have to pay board dues, OREA fees or CREA fees.  You would not have access to MLS services and cannot call yourself REALTOR®.  Your license remains active with RECO.

 3.  Can I sell or list homes for friends and family?
       
Our office policy does not permit working directly with buyers and sellers for several reasons.  We believe the consumer is best served by using a full service brokerage that knows the local market place, current selling trends in the area and has access to local board sales statistics.  You could be present in an advisory capacity to make the buyer or seller feel comfortable but the sales representative  you have chosen to refer should always be respected for their abilities.  A referral commission can be adjusted accordingly.  Our brokerage does not provide any advertising media or real estate contracts so we can keep costs down for maintaining your license.  We want to protect both our brokerage and you from any liability.

 4.  Can I earn referral commission?
       
Because you have an active registration with RECO, you are entitled to earn referral commission.  You cannot accept bird-dog fees or gifts if you are unregistered.  We charge a small management fee to collect and disperse referral commissions. 

 5.  Who can I refer my clients to?
         You can choose to refer to a sales person or brokerage of your choice.  If you don't know anyone, we can contact someone on your behalf.

 6.  If I am not actively selling, do I have to pay errors & omission insurance?
        Yes! 
Anyone who is registered with RECO must have errors and omission insurance.

 7.  a)  How long can I stay registered with your brokerage?
        There is no time limit to being registered with this brokerage.  You can stay as long as you like, provided you maintain your educational requirements for registration renewal.  If you choose to return to main stream selling, you would simply transfer to another brokerage.  NOTE: Should you decide to leave, there is no obligation other than a signed letter of termination.  We even put everything in writing so we can't make any changes without your agreement.

 8.  What is the next step?
        New registrants - must make an application to RECO through an Ontario brokerage within one year of completing five pre-registration courses - registration fee $390. + administration fee of $200. payable to RECO.  You must apply for a police check for employment, cost $30 -$50. and mail original to RECO.  You will be starting a two year articling phase and must complete one required courses in order to renew your registration.  For subsequent two year cycles you need to complete 3 online courses through RECO's website portal at a total cost of $44.  Once approved, you will be invoiced for pro-rated errors and omission insurance.  Once paid you will be fully registered.

       Currently registered with another brokerage - give a letter of termination to current brokerage (copy needed to accompany application) and board if a member.  Within 60 days of termination, apply for a transfer, cost $100. payable to RECO, maintain educational requirements for renewal.  After 60 days, re-instatement will be necessary - see below. 

        Reinstatement - if you let your registration lapse for more than 60 days but less than two years, you can reinstate your registration providing your educational requirements are up to date.  Cost payable to RECO is  registration fee $390. + administration fee of $200. You are also required to provide an original police employment check, cost $30. - $50.  Once approved, you will be invoiced for pro-rated errors and omission insurance.  Once paid you will be fully registered

 9.  What happens if I let my license lapse for more than two years?
       
After two years, you are considered to have never been registered and must repeat all preregistration and articling courses.

10.  If I'm not a member of OREA, how do I take my educational courses?
       C
ontinuing education will be provided online by RECO through the "My Web" portal from RECO's website.  Your sign-in remains the same as when you were registered.  Articling courses are still provided by OREA and your sign in uses your student number.

11.  I am not in your area.  Can I still join your brokerage?
       
As long as you have a Canadian residence and an address for service in Ontario (which can be our office address), you can hang your Ontario real estate license here.  We are a virtual office license holding company and referral network and can be contacted by phone, email, mail or fax.

12.  Do you have a commission trust account?
       
We have all bank accounts as required by RECO and includes a commission trust account to protect your referral commission.

 

If you are thinking of parking your licence and have further questions, please contact us and we will respond to your requests as quickly as possible.

 

"Parking" your license means you are registered with a non-board brokerage and your real estate license remains active with RECO. 

The terms warehouse your license, park your license, maintain your license, shelve or hold your licence are terms that are interchangeable.

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Park Your License FAQs