FREQUENTLY ASKED QUESTIONS
CAN I STILL SELL A BUYER IF I'M NOT A MEMBER OF A REAL ESTATE BOARD?
YES, you can sell a Buyer at any time from MLS.ca / Realtor.ca
Book showings as always leaving the COMPANY phone number for confirmations. Prior to preparing an Offer simply ask the Listing Agent to sign an Agreement to Co-Operate.
CAN I STILL LIST A HOME?
YES, you have 3 options
1- List the property and co-broke it 50/50 with a Board Member.
2- Refer the lisitng to a Board Member and arrange a 25 - 30% Referal Fee to you.
3- Do an Exclusive Listing - Hold Open Houses, Advertise it on Kijiji/Craigslist etc. and try to double end it.
I THOUGHT I HAD TO BE A MEMBER OF A BOARD TO SELL HOUSES?
NO, ITS EASY TO SELL A HOUSE ...you do not need to be a Member of a Board to sell houses. Just go to Realtor.ca select homes for your buyer book appt. thru listing broker and when you get and offer call agent and have him sign the form known as: Agreement to Co-operate.
Anyone licensed with RECO in Ontario can sell houses without being a board member. We have chosen not to be a member of a board to eliminate this expense to our sales representatives.
DO I HAVE TO MAINTAIN A PRODUCTION LEVEL?
NO, that is not a concern. We will keep your license active regardless of your production.
MY PRESENT BROKER TERMINATED MY LICENSE OVER 60 DAYS AGO?
You can still join us but you will need to complete a Reco Reinstatement Form and provide a current Police Report together with Reco's required Reinstatement Fee. Contact us direct to process this application.
WILL I HAVE TO PAY ERRORS AND OMMISSION INSURANCE?
YES, RECO mandates this and they will bill you directly each year.
WILL I NEED TO DO THE RECO UPDATE COURSES EVERY 2 YEARS?
YES, this is mandatory and unavoidable to keep your real estate license active. New regulations now require only the RECO Update Course plus 2 electives. Visit www.reco.on.ca/education
HOW DO I TRANSFER TO YOUR BROKERAGE? DO WE HAVE TO MEET?
NO, we do not have to meet…our Brokerage is completely set up to do transfers ONLINE.
However, if you would prefer to get together, setting a time to meet is always welcomed.
To Transfer Online Simply Complete the Reco Notice of Employee Transfer Form . Forward it
to us together with a copy of your "Letter of Resignation" to your present Broker.
*RECO requires a copy of this Letter of Resignation with the Notice of Transfer. *
HOW DO I PAY THE $299 YEARLY FEE?
With Visa or Paypal whichever is most convenient.
Once we have received confirmation of your payment we will process the transfer with RECO and then send you the completed Notice of Employee Transfer.