Q. What is "parking" a real estate license?
A. In theory you cannot park a license. ‘Parking a Licence’ is terminology used by realtors to indicate that the Agent is no longer a member of an Association or a Real estate Board but still a registered Real Estate Professional with Real estate Council of Ontario.
This Agent will therefore not be paying any board dues, OREA fees or CREA fees. The Agent will not have access to MLS information or MLS services.
Q. Can the Agent work with Buyers, Sell & List or Lease homes?
A. Assuming that the Agent is knowledgeable and well informed on rules, regulations and has experience in dealing with Real Estate in a professional manner, we will support his efforts to remain active while his licence is parked – immaterial of the number of transactions the Agent is doing.
For Agents that are not able to look after the best interest of the Consumer, we require that the Agent work on a referral basis or in partnership with an experienced Full-time Real Estate Agent.
Q. Who can I refer my leads or past clients to?
A. You must refer it to a Full-time Agent who is knowledgeable of the neighbours, the sales trends, Market value or prices has access to the local Real Estate Association or Board and has the ability to look after the customers best interest.
Q. Even though I am not very active in Real Estate, do I have to go Educational Credits?
A. Yes! Everyone who is registered with RECO must renew his license periodically and to do that one has to have the required educational credit as well as completion of the RECO Update course. Furthermore, you will also have to pay for the errors & omission insurance.
Q. How long can I Park My License?
A. There is no time limit. As long as you maintain your educational requirements for registration renewal, pay for the registration costs and stay actively registered. You will also have to maintain the errors & omission insurance requirements.
Q. How easy is it to Park my License?
A. The process is fairly simply – It starts with you completing an Application to RECO.
Q. Where can I get the continuing Education Course that I will need
A. Besides all the Training and Education classes that we will arrange throughout the year, you can always go to www.orea.com to complete the remaining course credits including the RECO Update course. Most of these can be done on-line.
Q. I live in Toronto now but am planning to move to Oakville ON, will that be ok?
A. It makes no difference where you live in Ontario. You are registered by RECO – Real Estate Council of Ontario. Yes you can continue to work with us, as we are a very modern Virtual Office. Our support staff is available to help you move forward.
Green Home Works is both a Full Service TREB Brokerage as well as a NON-TREB Brokerage, catering to Agents in all walks of life.
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Division of Green Home Works Realty Inc.
Brokerage Independently owned and operated
6352 Bethesda Road
51 Teddington Avenue