What It Takes To Be A Realtor®
As well as having obvious people-skills, contract negotiation skills, marketing skills, and sales know-how, a real estate professional working in the Province of Ontario must achieve a passing mark of at least 75% in the Pre-Registration Segment and the Articling Segment as outlined below in order to become what’s known as a ‘registrant’.
Pre-Registration Segment – These courses are to be taken before a registrant is permitted to sign up with a real estate brokerage and begin trading in real estate:
- Real Estate as a Professional Career
- Land, Structures and Real Estate Trading
- The Real Estate Transaction – General
- The Residential Real Estate Transaction – Advanced
Articling Segment – a 2 year articling segment during which time a registrant can continue to trade in real estate but must complete the following additional courses to become fully registered as a salesperson:
- The Commercial Real Estate Transaction
- Real Property Law
- One Elective: (Principles of Appraisal, Real Estate Investment Analysis, Principles of Mortgage Financing, Principles of Property Management)
Broker Registration – as well as completing all of the above courses, a salesperson must have 2 years as a registrant before applying to become a broker and must complete the following courses:
- One additional elective course
- Real Estate Broker Course
To access the OREA College website please visit http://www.orea.com/en/OREA-Real-Estate-College
Mandatory Continuing Education
After successful completion of either the Salesperson Registration or the Broker Registration, a registrant must complete a minimum of 24 continuing education credits in each 2 year registration cycle. This includes RECO Real Estate Update Course, which brings the registrant up to date on any area of real estate that may change over the previous 2 year period. This course is updated regularly and is designed for practising professionals who need to remain current on the latest market, legal, and legislative developments. This is a vital source of current and topical information.
Associations and Memberships
Each salesperson or broker registered in Ontario must become members of the Real Estate Council of Ontario (RECO), the Ontario Real Estate Association (OREA); the Canadian Real Estate Association (CREA) and the local real estate board in the registrants area, example the Ottawa Real Estate Board (OREB). Each of these memberships have annual fees that must be paid as well as paying for Errors and Omissions insurance.
Code of Ethics and REBBA 2002
Each registrant must follow a code of ethics, which is set out by the Real Estate and Business Brokers Act, 2002 (REBBA 2002). Read more details on the Code of Ethics: http://www1.ottawarealestate.org/home/NewsInformation/REALTORCodeofEthics.aspx
Fees for All Active Registrants
All registrants must be active members of CREA, RECO, OREA and their local real estate board. Each association has fees that must be kept current at all times. These fees are payable either monthly or quarterly. Please contact each association to get further information for their applicable fees for active registrants.