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Aug
06

Parking Ontario Real Estate License

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Parking Ontario Real Estate License with a Brokerage – Explained

When you work so hard to get a real estate license, you surely want to be certain that you protect it at all cost. Furthermore, many agents might not realize that if they live in Ontario they could actually park their license with a brokerage. However, before accepting this option, there are few things in which to consider.

Once you have taken all your Provincial courses and final testing exams, and now are fresh out of your real estate course you might be thinking that the next step is to get clients into your location to start selling them properties. However, while this step is important maintaining your license with the real estate boards, and the right to practice selling properties to others, actually, will come first especially for those living in Ontario Canada. In addition, some are not aware that in order to keep your license in good standing you must also pay member fees, and added costs based on who you go with when you register.

With that said, you could easily avoid some of these added expenses simply by parking your real estate license with a real estate brokerage instead. When you follow this process you will be able to keep your real estate license active, and at the same time avoid the extra costs that go along with becoming a realtor like board fees, and other added on costs. Nonetheless, in order to do this process you will have to register first with the Real Estate Council of Ontario.

In addition, you will want to be certain that when you get ready to register with that brokerage that they themselves are not affiliated with any type of real estate service, or that they are not members of one already. Furthermore, you can even register with the Ontario Real Estate Association and the Canadian Real Estate Association when you’re ready to park your license. With that said, keep in mind that you’re not really parking your license as you technically cannot do that, and still practice selling properties to the general public.

With that in mind, before you decide if this option is right for you and your situation you should be aware that when you avoid certain fees with a board you also will be facing many limitations on what you can actually do with your real estate license. Nevertheless, by working with a brokerage there are certain aspects that you will not be able to do like call yourself a realtor, but your license will still remain active with RECO. Furthermore, you won’t have board dues, OREA fees or any CREA fees.

With that limitation in place you will be able to still list properties for your family or friends. However, you won’t have access to the MLS services, and thus will not be able to provide clients with accurate information pertaining to the housing market, which could end you up in trouble. However, since you will still be registered with the RECO you will be able to refer your clients out to a realtor, and earn a referral commission when doing so.

Nonetheless, even this aspect will have certain limitations attached to it depending on which Ontario brokerage you decide to park your real estate license with. With that said, one such limitation could be not being able to accept bird dog fees, or gifts. Furthermore, you will still need to have some type of errors, and omission insurance coverage even if you’re not actively selling real estate.

When it comes to parking your Ontario real estate license with a brokerage, it can at times seem to be a very complex undertaking to accomplish. However, before signing any long term contracts, or parking the license with them you will want to be certain that you fully understand what your limitations will be going down this path. Finally, while some real estate agents need to cut back on their costs, and board fee dues it will be essential that you fully examine every aspect to ensure these choice options are the best ones for your own specific requirements.

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