Ask the Registrar: I won’t be trading for a year or two. Can I park my registration until I’m ready to trade again?

 

Under the Real Estate and Business Brokers Act, 2002 (REBBA), there is no concept of parking a registration. An individual is either registered to trade in real estate, or they are not.

If you don’t plan to trade for an extended period of time, you have two options:

Option 1: Maintain your registration, even though you don’t plan to trade.

To do this you must:

·         Continue to renew your registration every two years, and pay the renewal fee;

·         Take the required continuing education courses before each renewal;

·         Continue to have an employing brokerage; and

·         Pay your insurance fee every year.

For more information, see RECO’s website.

Option 2: Terminate your registration, and apply for reinstatement when you are ready to re-enter the profession.

To terminate your registration, ask your broker of record to submit a termination request via MyWeb.

Once your registration has been terminated, you must not engage in any activity that could be considered to be trading, until you have successfully reinstated your registration. Trading while unregistered is a serious violation and could result in charges and/or large fines.

When you’re ready to re-enter the profession, the requirements for reinstatement vary, depending on how much time has passed since your termination.

60 days or less from the effective date of the termination, and your renewal date has not passed during the time you were terminated

·         Have your broker of record submit a transfer request via MyWeb.

60 days or less from the effective date of the termination, and your renewal date has passed during that time

·         Complete application for reinstatement. The application must include a current criminal record check.

Between 60 days and two years after termination

·         Complete Mandatory Continuing Education requirements;

·         Complete application for reinstatement. The application must include a current criminal record check; and

·         Purchase insurance coverage, if applicable, once your reinstatement application has been processed.

Two to five years after termination

·         Pre-registration education may be required. You may apply for either a full or partial exemption from the requirement. Email education@reco.on.ca to find out more;

·         If full or partial exemption is granted, complete the required courses and/or exams by the given timeline;

·         Complete application for reinstatement. The application must include a current criminal record check; and

·         Purchase insurance coverage once your reinstatement application has been processed.

Over five years

·         After five years, you must complete the pre-registration program again before you can apply to re-enter the profession.

Want more info?

For forms and information for reinstatements, visit the RECO website.


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