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?

5. Who can I refer my clients to?

You can choose to refer to a sales person or brokerage of your choice. If you dont 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 cant 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 General or The Commercial Real Estate Transaction — fee $350. 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 the three required courses in order to renew your registration. For subsequent two year cycles you need to complete 24 hours of education including the mandatory RECO update.

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 $350. You are also required to provide an original police employment check, cost $30. — $50.

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 Im not a member of OREA, how do I take my educational courses?

You will still have access to My Portfolio to register for courses or to take continuing education online at www.orea.com. We have also made arrangements for a reduced cost for 18 education courses from an approved provider. NEW As of August 1, 2013, continuing education will be provided by RECO through the My Web portal from RECOs website. Your sign-in remains the same as when you were registered.

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.

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