Real Estate Agent Licences, Ontario, real estate agent fees.#Real #estate #agent #fees

By | 12/06/2018

Ontario

Ontario is the most populated province in Canada and its capital, Toronto, hosts the largest real estate market in the country. Real Estate licences here are regulated by the Real Estate Council of Ontario (RECO). All education and required courses that are required to obtain a licence are provided by the Ontario Real Estate Association (OREA).

How to get a Real Estate Licence in Ontario

Licencing Prerequisites

Before getting a license in Ontario, the candidate must have the following:

  1. Be a landed immigrant or have lived in Canada for at least 12 months.
  2. Be at least 18 years of age.
  3. Have an Ontario post-secondary school diploma or equivalent
  4. Completed their educational curriculum through OREA

Getting the Licence

There is a two-part licensing process in Ontario:

  1. A Basic Licence which expires after 2 years.
  2. An articling period with educational requirements you must complete within the first two years of getting the Basic Licence.

Part 1 – Receiving a Basic Licence

To receive a Basic Licence, you are required to complete the following courses within 18 months of each other;

  1. Real Estate as a Professional Career
  2. Land Structures and Real Estate Trading
  3. The Real Estate Transaction – General

AND choose one of,

  1. The Residential Real Estate Transaction (RRET); OR,
  2. The Commercial Real Estate Transaction (CRET)

See the Costs Fees section for more details.

Part 2 – Articling Phase

Within one year after completing the Basic Licence, the prospective realtor must have registered with a real estate brokerage. Click here for suggestions for finding a brokerage. This begins the articling phase.

Before two years have passed since receiving the Basic Licence, the Realtor must complete the following courses to maintain their license:

  1. The Residential Real Estate Transaction or The Commercial Real Estate Transaction
  2. Real Property Law
  3. One of the following:
  • Real estate Investment Analysis
  • Mortgage Financing
  • Principles of Appraisal
  • Principles of Property Management
  • The choice between the RRET or CRET courses (#1) is whichever course was not chosen during the Basic Licence phase
  • After the articling phase is complete, the realtor has a permanent licence
  • To maintain the licence after the articling phase, the Realtor must:
    • complete 24 hours of continuing courses every two years to maintain the Basic License
    • pay all annual or biannual fees (see Costs Fees to get Licenced in Ontario)
    • confirm registration with a real estate brokerage in the province

Licencing Bodies and Organizations

There are two bodies responsible for licensing real estate agents in Ontario:

  • The Real Estate Council of Ontario (RECO) is the body responsible for implementing the Real Estate Business Broker’s Act that creates the legal responsibilities of real estate agents

Real Estate Council of Ontario

3300 Bloor Street West

Suite 1200, West Tower

Toronto, ON M8X 2X2

  • The Ontario Real Estate Association (OREA) has been given the responsibility for managing the educational requirements to obtain a real estate license.

Ontario Real Estate Association

99 Duncan Mill Road

Don Mills, ON M3B 1Z2

Costs Fees to get Licensed in Ontario

The following is a breakdown of the fees that will be necessary to become a Realtor in Ontario:


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