Real Estate Licence Holding Service - Park Ontario Agent Licence To Keep It Active
Monday Jul 03rd, 2017
It's becoming more common for practicing agents and graduates just out of real estate school that are taking interest in wanting to put their realty license on hold in Ontario.
There are many real estate agents that have unfortunately let their licenses lapse, but it's very possible not all hope is lost. If you are a Realtor who has been letting their Ontario licence lapse, but it hasn't been more than two years, you can avoid termination and have your RECO Registration re-instated. Save your Registration by using a realty license holding service to keep it active and available for you whenever you need it.
In the event that you weren't active in the real estate industry and let your inactive Ontario license lapse for over 2 years, this would be cause for termination. This would mean it's back to the starting line. To get your licence again, you would once again have to apply and pass all the relevant real estate courses.
Why should I keep my Ontario license active by putting it on hold?
1. As an agent in the field, for whatever reason you may be making a lot of sales, not many, or none at all. You've been contemplating putting your real estate license in a parked state, which still gives you access to it any time you need it. This is good for reducing a lot of the required expenses associated with trading in realty sales and avoiding unintentional, possible termination.
2. You are excited but at the same time aren't quite sure which direction you should take in real estate during or after completing the required OREA courses. You can hold your new RECO Registration with us while you figure out the next steps you want to take in this industry.
What does keeping my license active by putting it on hold do in the real estate business?
A) You can avoid all the board (TREB for example) and association fees and dues (OREA and CREA) pertaining to your career as a Realtor, as long as you are registered with a Brokerage that isn't a member of any real estate board.
B) Prevents your real estate license from expiring and keeps it in force with RECO allowing you to continue to trade in sales in the Province of Ontario.
Here's what I'm still responsible for after having my licence parked with a Non-Member Brokerage Office:
1. Having your realty license renewed every 2 years and the associated costs with that.
2. Required renewal of the 24 credits for continued education.
3. Errors and Omissions Insurance.
Get in touch with Philip Caputi, Broker/Administrator, if you are interested in learning more about how you can shelve your license, and in the process put a lot of money back in your pockets while you are still operating in this business.