Working With a Broker or Salesperson
When you work with a registered broker or salesperson you benefit from:
Education, Knowledge and Experience
All brokers and salespersons are required to complete educational courses prior to becoming registered and are also required to take continuing education courses. Many brokers and salespersons pursue ongoing professional development opportunities, obtain membership in professional associations and attend industry events on a regular basis. While consumers buy and sell real estate infrequently, most brokers and salespersons are engaged in these activities on a daily basis.
Consumer Deposit Insurance
All brokers and salespersons are required to be insured. The insurance program administered by RECO includes consumer deposit insurance. The coverage that protects your deposit is available under the insurance program at no cost to you. In the event of fraud, misappropriation of funds or insolvency there is coverage available to consumers of up to $100,000 per claim to a maximum of $1,000,000 per occurrence. If the deposit is being held by your lawyer, you should contact the Law Society of Upper Canada to determine what insurance protection may be available.
Complaints & Enforcement
All real estate brokers and salespersons are required to comply with the Real Estate and Business Brokers Act, 2002 and associated regulations, including the Code of Ethics. RECO addresses inquiries, concerns and complaints about the conduct of brokers and salespersons and takes appropriate action to protect the public interest.
Make sure your broker or salesperson is registered
In Ontario, in order to trade in real estate, brokers and salespersons must be registered under the Real Estate Business and Brokers Act, 2002. Before you begin working with a real estate broker or salesperson make sure you confirm that they are registered by using the online search feature.
The information available to you includes the registration status, the current expiry date of registration and regulatory activities related to the brokerage, broker or salesperson, such as:
- Registrar’s Proposals to refuse, revoke, or suspend or apply conditions to a registration
- Charges under REBBA 2002 and related convictions
- Immediate suspensions ordered by the Registrar
- Decisions of Discipline and Appeals Panels related to ethical conduct.