Looking to begin a career in Real Estate? Here are some tips and training ideas as you begin the rewarding path to becoming a certified agent.
OREA (Ontario Real Estate Association) offers a comprehensive training program (known as the OREA Real Estate College) from which to obtain your license. It allows aspiring registrants to learn the ins and outs of the real estate business, teaches them how to protect themselves and their clients, and offers beneficial advice on how to succeed in your future career.
The Pre-Registration Segment consists of five (5) sections in total. They include:
Real Estate as a Professional Career:
A general overview of the real estate profession and how it interacts with other elements of society. The course introduces basic real estate concepts, details the salesperson/broker relationship, explains market dynamics, and includes various mathematical calculations that registrants will encounter throughout their career.
Land, Structures and Real Estate Trading:
An overview of how land and property are registered and how ownership occurs.
The Real Estate Transaction, General AND The Residential Real Estate Transaction:
A detailed overview of the real estate transaction, from listing agreement through to the final sale. The Real Estate Transaction—General must be taken prior to The Residential Real Estate Transaction and The Commercial Real Estate Transaction.
The Commercial Real Estate Transaction:
A detailed overview of a commercial real estate transaction, from listing agreement through to the final sale, and explores current trends and issues that impact commercial real estate.
Real Property Law:
Provides students with a clear understanding of legal issues concerning property ownership and in-depth knowledge of a number of legislative acts.
Once these courses have been completed, prospective registrants become eligible to register with RECO as a salesperson.
Registration with RECO (Real Estate Council of Ontario) takes place every two (2) years. For new agents, this may seem like a daunting task. We are here to make it easier! By breaking the process down into steps, we can help future agents engage in a more effective registration process.
Prior to registration, a candidate must:
- be a resident of Canada
- be at least 18 years of age
- have completed the aforementioned Pre-Registration courses
- obtain employment with a registered brokerage within 12 months of completing the Pre-Registration segment
- apply within 12 months of completing the final Pre-Registration course (Real Property Law)
To register, you must complete RECO's Application for New Salesperson, complete with a Canadian Criminal Record Check and any applicable fees. The application, as well as a description of fees, can be found on RECO's website, www.reco.on.ca
The Articling Segment consists of one (1) elective course and may be completed over a two-year period. Registrants may select one of four (4) options:
The Principles of Appraisal:
Covers valuation theory and is designed to develop registrants' abilities to evaluate property in the course of trading activities.
Principles of Mortgage Financing:
Explores the mortgage market and provides hands-on exposure to forms, applications, and mortgage calculations.
Principles of Property Management:
Covers the day-to-day issues and responsibilities of property managers.
Real Estate Investment Analysis:
Explores the increasingly sophisticated demands of commercial real estate clients and investors, who require complex calculations and valuations. This course also covers analytical methodology of comparing cash flows and returns to determine the present value of future benefits.
Upon completion of these courses, a registrant is eligible for re-registration with RECO. In order to maintain registration in the future, registrants must complete continuing education requirements, including the RECO Real Estate Update Course (Residential or Commercial), every two (2) years.
Frequently Asked Questions (FAQ):
How much does the it cost to become an agent?
Total cost for the Salesperson Registration Education Program is $3,355. The Pre-Registration segment costs $2,805 and the Articling Segment costs $505. Associated costs include RECO registration, insurance and various administrative fees (once registered as an agent).
How can I take the classes if I have other commitments?
Courses may be completed by one of three (3) methods: in-class, e-learning, or correspondence. For The Residential Real Estate Transaction and The Commercial Real Estate Transaction, in-class learning is mandatory. In-class time may be completed at various locations across Ontario, and scheduled at the time of enrolment.
How long are the exams, and where can I take them?
Exams are three (3) hours in length, per class, and can be taken in various locations across Ontario. They are also booked at the time of enrolment.
What tools does OREA offer to help me complete the program?
OREA offers several learning tools to assist registrants with course and exam completion. These include ExamTutor, a software including past practice exams for all courses, and PassIT! Study Guide, a software consisting of in-depth practice questions on a per-course basis.
There are many paths down which a career in real estate may lead. It is important to consider your professional options, target market and area of expertise as you begin your journey. Do you want to specialize in residential resale? New homes for new families? The expanding condo market? Commercial real estate? Rural and Agricultural properties? Recreational homes? All viable options, all waiting to be sold. Most importantly, it is important to know your market and any factors that may impact the well-being of your clients.
Looking to obtain more information on becoming a real estate agent? Give us a shout below!