Ontario Realtor License Parking – Frequently Asked Questions – FAQs
Who can park the license?
Any Ontario Registrant/ real estate licensee, living anywhere in the Canada or the world with an active, an inactive, or a new licensee can park the license.
Do I need to have Errors and Omissions insurance?
Yes, since your license is still active and current as per RECO, so it’s required. The necessity of parking with an brokerage for a registrant is to keep license up to date.
Do I still need to take Continuing Education courses?
Yes. It’s a requirement of Real Estate Council of Ontario. Although you do not actively practice real estate while in a holding company, you still need to maintain an active licens.
Can I go back to being a full-time agent?
Yes. Parking your license can be temporary or long-term. You can switch back to an active Sales Representative, or Broker status at anytime.
If I want to resume my real estate activities, how do I reinstate my registration?
- You can submit the registration application (New/Reinstatement: Broker/Salesperson) form to RECO for reinstatement, if you are less than your 2 years of termination date
- You must submit a current, original Criminal Record Check/ Police Clearance if you are terminated in excess of 60 days.
- If your reinstatement is within a 2 year period from the date of termination, then you are not required to re-take the pre-registration courses.
- You will still be required to complete the mandatory continuing educational courses.
Can a brokerage pay commission or other remuneration to an unregistered individual or entity?
Absolutely not. Any commissions or remuneration paid out from the brokerage must be payable to the registered individual.