It's only fair to share...

There are three phases you must go through to become a REALTOR® in Ontario, and we’re going to break it all down for you so there’s no mystery.

What does it take to become a real estate salesperson in Ontario?

• Financial investment: $6K including all course fees, registration, insurance
• Practising costs: most REALTORS® will need to bankroll all of their own marketing and administrative costs, as well as brokerage and franchise fees, so having a cushion of $2-4K set aside for this purpose is recommended.
  Practising costs include:
  • Brokerage fees
  • Franchise fees
  • Contact management system
  • Signage
  • Website
  • Staging/photography
  • Closing Gifts
  • Advertising/marketing & supplies
  • Cell phone
  • Computer/tablet
  • Car
• Time: the licensing process varies greatly, depending on your availability.
  (Approximate time investment required outlined below)

Pre-requisites

• Canadian resident
• Minimum age: 18
• Have an Ontario Secondary School Diploma or Equivalent

OR

• Minimum age: 18, and pass the OREA Real Estate College Admissions Test (passing mark is 50%)
  • Free prep guide

Here’s how to become an Ontario REALTOR® in three steps:

Step 1 – Pre-registration

• Register for courses here
• Cost: $3,075
• Courses:
  • Real Estate as a Professional Career – 35 hours
  • Land Structures & Real Estate Trading – 6o hours
  • The Real Estate Transaction – General – 40 hours
  • The Residential Real Estate Transaction – 40 hours
  • Real Property Law – 4o hours
  • The Commercial Real Estate Transaction – 40 hours
• Total time commitment: 255 hours
• Timeline: must be completed within 18 months.

Step 2 – Registration with RECO

• Cost: $590 for net-new salesperson + $445 Errors & Omissions (E & O) Insurance
• Timeline: must be completed within 12 months of completing step 1
• Obtain Salesperson Registration with RECO:
  • Fulfill pre-requisites and complete step 1 (above)
  • Obtain employment with a registered brokerage firm
  • Complete and submit the registration forms including paid fee and criminal record check

Step 3 – Articling

• Register here
• Cost: $505
• Course: one elective course, 4o hours
• Timeline: 24 months to complete
• Note: can be taken either before or after registration as a salesperson with RECO, so long as the pre-registration has been successfully completed.

The OREA Real Estate College is closing on Dec 31, 2020

• The college will continue to accept new students until April 2019
• All course requirements must be completed on or before November 28, 2020

HAVE YOUR REAL ESTATE LICENSE…
…OR GETTING CLOSE?

It's only fair to share...