*from the blog category*

how to get a real estate license in ontario

The Real Estate Council of Ontario (RECO) is the governing body in charge of regulating real estate salespeople. To work as an agent, you must complete pre-registration courses and register with them. In Ontario, you must be a Canadian resident, at least 18 years old, and be a Canadian high school graduate or hold an equivalent GED to apply for a real estate license.

Once you have completed an accredited real estate program, passing a standardized exam is the final hurdle to obtaining your license.

Getting started

Three steps are necessary for you to begin the path to your new career. First, you will need to enroll in an accredited program. Humber College offers the required courses to obtain your license through its Real Estate Salesperson Program.

Step 1: The Pre-Registration Phase.

The Pre-Registration Phase is the first step, and you have 24 months to complete it. Consisting of 5 courses, four exams as well as two simulation sessions, they are mandatory, and you must complete them in order.

The program consists of:

Real Estate Essentials – outlines the role of a salesperson and critical legal requirements based on the various codes and rules governing real estate in Ontario.

Real Estate Transactions – details the processes involved in listing, buying, and selling residential real estate and begins looking at marketing strategies and real estate contracts.

Additional Real Estate Transactions – Following the previous course, this focuses on leasing and other property types such as condos, new homes, and rural properties.

Commercial Real Estate Transactions – looks at the processes involved in buying, selling, and listing commercial properties and brokering the sale of a business.

Getting Started – gives an overview of how to get started with a career in real estate.

Upon completion of courses 1 through 4, you will be required to pass an exam based on the material covered before you can move on to the next phase.

Step 2: Register with RECO.

After passing the exam, register with the Real Estate Council of Ontario (RECO) to obtain your license; you have one year to complete your registration when you finish Pre-Registration. However, before registering with RECO, you'll need to obtain employment from a registered real estate brokerage and undergo a Canada-wide criminal record check.

Step 3: The Post-Registration Phase.

Once you have your license, ongoing education is required to maintain it. Renewing your registration with RECO means completing the Post-Registration Phase at the end of your initial two-year registration cycle. During the Post-Registration Phase, you can choose two of five electives in addition to the mandatory Compliance course as you complete the Real Estate Salesperson Program learning path.

Costs and Fees

As with any career, there are costs associated with education and licensing to setting yourself up as a professional real estate salesperson.

Education

The fee for the Pre-Registration Phase of the program is $3,590.00, and the cost for the Post-Registration Phase is $570.00.

The total cost for Humber College's Real Estate Salesperson Program is $4,160.00 plus a $75.00 application fee.

Other fees are optional. For example, if you re-take an exam or participate in a Facilitated Review session.

Licensing

As a new salesperson, the fee to register with the Real Estate Council of Ontario is $590.00.

Subsequent annual renewals are $390.00.

Insurance

All real estate salespeople or brokers in Ontario are required to participate in RECO's insurance program. This program provides essential protection for you and your clients.

The total insurance cost, including taxes and expenses, for the 2022-2023 policy period is $500.00.

Your new career

A career in real estate can be gratifying, both financially and personally. It offers excellent flexibility, allowing you to work as much or as little as you want. You'll also have the opportunity to meet a wide variety of people and help them achieve their real estate goals.

Getting your license is the first step if you're considering a career in real estate sales. By taking the required courses and passing the exam, you'll be well on your way to a successful career in this exciting and lucrative industry.