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Beginning a Career in Real Estate
SeeWhy Learning specializes in assisting people pass industry exams. We have been teaching industry courses for over 10 years. Our programs help you both understand the course content and focus you on the things you need to know to pass your exam
To obtain your real estate license you must first pass three courses in what is known as the pre-registration period.
Exam will test you on:
- A general overview of a career in the real estate profession.
- How the real estate market interacts with other elements of our society.
- How the real estate profession works and what skills you will need to be successful.
- A high level discussion of the importance of economics, demographics and geography on real estate values.
- Consumer buying habits and marketing methods.
- A basic overview of mathematics.
Exam will test you on:
- How land and property is registered in Canada.
- Examine municipal planning and land use zoning.
- Identify the key elements in home and commercial building construction.
- Review the various ways that property can be valued.
- Review how real estate is traded, rules and regulations of the industry (REBBA 2002), as well as the concept of representation relationships.
All students must write the exam pertaining to course 3 general, and one advanced component (real estate or commercial).
Exam will test you on:
- This exam will test you on an overview of the real estate transaction, from listing agreement through to the final sale.
The Ontario Real Estate Association® (OREA®)
OREA's Mission Statement is to: "Represent its members and to provide a professional environment for members to maximize business opportunities".
The OREA® Real Estate College is currently RECO's nominee to provide Real Estate educational courses, and to administer examinations leading to registration of salespersons, brokers, and brokerages.
OREA® provides Real Estate Boards with advice and support concerning day-to-day operations.
The Ontario Real Estate Association® represents over 45,000 brokers and salespeople who are members of Ontario's forty two (42) real estate boards. OREA serves its members through a variety of publications, educational programs and special services. The Ontario Real Estate Association® provides all real estate licensing courses in Ontario.
OREA® was founded in 1922 to organize real estate activities and develop common goals across Ontario. These included promoting higher industry standards, protecting the general public from unscrupulous brokers and salespeople, and preserving private property rights.
The Ontario Real Estate Association® continually strives to improve the image of REALTORS® by enhancing educational and professional standards. OREA® develops and publishes standard forms, and supports educational and charitable causes through the REALTORS Care Foundation.
- 1920 - Toronto Real Estate Board® founded; Canada's largest real estate board
- 1922 - OREA® founded
- 1997 - RECO® founded to administer the Real Estate and Business Brokers Act (REBBA®)
- 2002 - Ontario Real Estate College® formed, assuming all the duties of the OREA® Education Department
The Toronto Real Estate Board (TREB)
The Toronto Real Estate Board (TREB), founded in 1920, is the largest real estate board in Canada with over 28000 members. TREB's Multiple Listing Service (MLS) is shared with boards in the surrounding area, namely the Brampton, Durham Region, Mississauga and Orangeville Real Estate Boards.
The Toronto Real Estate Board stretches across the Greater Toronto Area (GTA) and surrounding townships, including: Ajax, Aurora, Barrie, Brampton, Burlington, Caledon, Halton Hills, Markham, Milton, Mississauga, Newmarket, Oakville, Oshawa, Pickering,* Richmond Hill, Toronto, Vaughan, and Whitby.
In addition to the MLS, TREB offers its members such services as:
- Professional standards and arbitration services for members
- Government relations
- Member discounts through participating partners
- Market Watch statistics
- Continuing education
- Buyer Registry Service
- RealNet Data (commercial and new homes)
- MPAC Assessment data and Teranet (land registry) data
- REALTOR Quest Regional Conference
- Standard forms
The Real Estate Council of Ontario®(RECO®)
The Real Estate Council of Ontario® (RECO®) was formed in 1997 as the delegated administrative authority under Ontario's Ministry of Small Business and Consumer Services, to administer the Real Estate and Business Brokers Act and protect the public interest.
Since 2002, Tom Wright has been president and CEO of RECO®, previously serving as Registrar. Allan Johnston is the current Registrar and also serves as District 5 Director on ARELLO's board. Johnston previously managed the Policy and Procedures Group at the Toronto Real Estate Board®.
2008-2009 Annual Report http://www.reco.on.ca/publicdocs/Annual_Report_2009.pdf
PROTECTING THE PUBLIC INTEREST RECO® regulates the activity of trade in real estate in the public interest. Protecting the public interest is achieved through:
Enforcing the standards required to obtain and maintain registration as a brokerage, broker or salesperson and delivering the duties of the Registrar Establishing minimum requirements for pre-registration and continuing education Conducting routine inspections of brokerage offices to ensure compliance with REBBA® 2002 and educate brokers Addressing inquiries, concerns and complaints about the conduct of registrants received from all sources and taking appropriate action to protect the public interest Establishing and administering insurance requirements, which include consumer deposit protection Promoting ongoing education and competent, knowledgeable and professional service Information Available to the Public Under REBBA® 2002, the Registrar is required to make certain information available to the public. RECO® provides a "registrant search" feature on its website. Information available includes the registration status, the current expiry date of registration, whether or not the individual has complied with insurance requirements, and enforcement or disciplinary activities related to the brokerage, broker or salesperson.
The enforcement or disciplinary activities disclosed includes:
Registrar's Proposals Convictions Charges Discipline & Appeals Decisions
Real Estate Council of Ontario® (RECO®)
The Real Estate and Business Brokers Act
The Real Estate and Business Brokers Acts, 2002, came into force in Ontario, Canada on March 31, 2006. Sections 50 to 53, dealing with the creation of regulations, were enabled on November 7, 2005. Section 8, dealing with specialist certifications, has yet to be proclaimed. REBBA® is administered by the Real Estate Council of Ontario® on behalf of the Ontario Ministry of Small Business and Consumer Services.
The Real Estate and Business Brokers Act, 2002, replaces the Real Estate and Business Brokers Act, 1990. Notable changes with the new legislation include:
- modernized framework for registering and regulating brokerages, brokers and salespersons
- rules of trading moved from previous Act to new Act's Regulations
- procedures and programs previously found in RECO® by-laws, e.g., insurance, continuing education, code of ethics and complaints process
- increased maximum fines for violations of the Act
The trade-marks OREA®, OREA® Course 1 (phase 1), OREA® course 2 (phase 2) and OREA® course 3 (phase 3) are owned by The Real Estate Council of Ontario (RECO®). The Real Estate Council of Ontario (RECO®), Ontario Real Estate Association®, and Ontario Real Estate College® does not sponsor, license or necessarily recommend these study notes and or exam preparation materials for its courses. SeeWhy Learning's exam preparation materials and study notes are not sponsored by any other industry organization.
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