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.

       

You can:

  • Work with any Registered knowledgeable Sales Professional or an Agent from Green Home Works Realty Inc. Both of you can come up with a Commission sharing arrangement, or‚Äč
  • Pass on your lead to an Experienced Agent as a Referral. This experienced Agent must and be able to look after the Consumers best interest. You can negotiate the referral commission with this other Agent.

 

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.
 

OPTION 1:
If you are new or re-instating your license – you will need to complete the New/Reinstatement: Broker/Salesperson Form (Form ANRBS) and send it to RECO with the required payments. Green Home Works will become your Brokerage.
We can do all the paperwork for you.

 

OPTION 2:
If you are simply transferring to Green Home Works Realty from another Brokerage, you will need to complete the Notice of Employee Change Form (Form NE XFR) and send it to RECO with the required payments.
We can do all this paperwork for you too

 

NOTE:
Besides completing the Application form, several other requirements such as a Resignations Letter to your current Brokerage (if applicable), or a Police Check may be needed. It is best to contact RECO or simply have us do all the ‘leg’ work for you. We are here to help make it an easy transition.

 

 

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.


We can help you when you Park Your License and we can also help when you decide to get back to Full Time Real Estate Sales.

 

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Brokerage Independently owned and operated

6352 Bethesda Road
Whitchurch-Stouffville, ON L4A 7X3

 

51 Teddington Avenue
Markham, ON L3R 6T6

 

Phone: 416-289-2890
Fax: 647-725-2147
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