FAQs

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.

License Parking Contact Form

gtaBusinessBroker0204050607 08

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