What is parking your real estate license?
Parking your license refers to a person registering your Real Estate license with a Brokerage of their choice – without paying any fees related to the Boards or Associations.
You remain with an active status while your license and your real estate activities are in the care of the brokerage and the managing broker.
Why should I park my license?
While there are multiple reasons to park your real estate license, here are the most common reasons why many realtors take up this service;
- If you are new to the business and are facing a slow start.
- If you have just obtained your real estate license and are not ready to jump in.
- If you are winding down your real estate business or thinking of retirement.
- You should consider parking your license if you need a break from mainstream real estate.
- You want to go on paternity leave to care for your growing family,
- You or a family member have an illness that requires you to take a medical break.
- If you are moving to another province but are unsure if you will be coming back to Ontario or other areas in Canada.
Can I still sell real estate in Ontario?
While we understand your neverending passion for selling property in Ontario, Alberta, Quebec, or any other province in Canada, once you have parked your real estate license, you cannot be involved in a real estate transaction.
Yet, you may gain a profit by referring any buyer or seller leads to a sales representative or broker and getting a referral fee from them. It would help if you had the referring Brokerage sign a referral agreement before sending the client information to ensure that referral amounts are clear to all parties.
Do remember! The referral amount can be negotiated between you and the sales representative or broker to whom you refer the client.
How much does it cost to park my license?
The RECO license renewal fees are currently $390 annually for realtors who wish to renew their licenses.
Furthermore, every two years, you must still complete your Continuing Education credits, including the RECO update course.
How long can I park my license?
There is no time limit.
As long as you pay the proper fees and maintain your educational requirements, you can stay with us as long as you like.
If you decide to leave, all you have to do is send us a signed termination letter.
My license has lapsed less than 2 years; can I still park my license?
Usually, this happens when you do not renew and wish to return in 2 years, and it’s called reinstating your license.
If your license has lapsed in less than 2 years, you must fill out a RECO reinstatement form. Complete the state and the required annual fee depending on your province for RECO. You will also be billed for your RECO Insurance.
Finally, we will provide an invoice for your annual fees to park your license with us.
Conclusion
Ultimately, by taking up the parking your license services, you have the leeway on how you wish to construct your real estate business. You have the opportunity to travel the world, welcome a new member to your family or expand your knowledge in different fields.
And at IQI Canada, we can make that reality – a quick and easy application. Once you are ready, come down and visit our offices or call this number for your next chapter in life.