Questions you may have about parking your license…

Q. What is "Parking"?

A. "Parking" is the term used for registering your Real Estate license with a Brokerage that does not belong to a Real Estate Board or the Associations (CREA and OREA). You are still a fully licensed Registrant with RECO. By parking with us, you do not have to pay any of the associated dues or fees related to the Boards or Associations. You also do not have access to MLS. 

Q. Why would I park my Real Estate license?

A. There are many reasons to park your Real Estate license. Here are some of the reasons Salespeople and Brokers come to us:

• If you and your spouse are both licensed and working with a traditional Brokerage, one of you can park your license to minimize fees.

• If you have just obtained your real estate license and you are not ready to join a real estate board yet.

• If you are winding down your business, thinking of retirement.

• You are only selling part time and the commission you end up with is not covering your organized real estate expenses.

• If you need to take a break from the business for many different reasons, medical leave, maternity leave, family member illness etc. (to name a few)

• If you are moving to another province but are not sure if you will be coming back to Ontario.

Q. How much does it cost to maintain my license when it's parked with Preferred Stay Realty Inc.?

Preferred Stay Realty $300 + HST annually.

RECO continuing education courses ($44 + HST every two years)

RECO license renewal fee every 2 years ($340.00)

RECO E&O Insurance is $500 annually (as of 2023)

$300 per referral deal transaction fee

Q. Do I still have to take my Continuing Education credits?

A. Yes. RECO requires all Registrants to take the mandatory credit courses including the RECO update(s) course(s).

Q. Do I still have to pay RECO Errors and Omissions Insurance?

A. Yes. All registrants with RECO must pay the Insurance of $500 annually. Insurance is due on August 15th of every year and the term runs from September 1st to August 30th.  If you are a new registrant and start mid-season, this fee is pro-rated. 

Q. Can I use the term REALTOR® or MLS®?

A. No.  REALTOR® and MLS® is a trademarked term provided by members of CREA.  Preferred Stay Realty does not belong to CREA, therefore all members can only use the terms Sales Representative, Salesperson and/or Broker.

Q. I am a new Registrant. How do I Register my license?

A. New Registrants must submit an application to RECO through an Ontario brokerage within one year of completing either the General or Commercial Real Estate Transaction course. The fee charged by RECO to instate your license is $340 plus a $50 application review fee plus your E&O Insurance ($500 annually but it is pro-rated from the day you register up to August 30th of the current yearly cycle). You must apply for a Police check for employment and mail the original copy to RECO.  You will then be starting a two-year articling phase and must complete the three required courses in order to renew your registration at the end of your two-year cycle.  For subsequent two-year cycles you need to complete 2 annual RECO update courses and 2 electives of your choice (totals 24 hours of education).

Q. I work for a Brokerage currently. How do I transfer my license?

A. Email us a copy of your termination letter to your current Brokerage and we take care of the rest.  $25 transfer fee with RECO (fee will be applied to your first Preferred Stay invoicing)

Q. My license has been lapsed more then 60 days, but less then 2 years. How do I transfer my license?

A. It is a fairly straight-forward process. Here are the steps you need to take:

1. Log into your RECO MyWeb Account and get your continuing education credits up to date.

2. Get a Police Check (Criminal Record and Judicial Matters Check) at your local Police Station OR online with London Ontario Police

   OR with the Ontario Provincial Police.

3. Log into your RECO MyWeb Account and fill out the RECO Reinstatement form. Our Brokerage Number is: 5048225

4. Once you receive an email from RECO you will have to supply them with your Police Check and any other deficiency requirements (if noted)

    

Q. Can I still sell Real Estate?

A. 1)The only way you can be directly involved in an MLS listing transaction is if you are named as a designated Representative and our Brokerage is also named on the legal listing agreement and it is co-listed with a registered licensed Realtor that belongs to an organized MLS Real Estate Brokerage.

2) You can be directly involved in a buy transaction as long as you are named as a designated Representative and our Brokerage is also named on a Buyer Representation Agreement.

The Seller and/or Buyer must acknowledge and consent to these agreements and be made aware that you will be receiving renumeration for the side you represent.

If you join Preferred Stay Realty and wish to be directly involved in an active MLS Listing, the legal listing agreement in place must be in partnership with an active member of Sutton Group Preferred Realty or any one of their Mini Franchises under their umbrella. (as per our Brokerage Service Agreement)

Q. Can I do Open Houses for another Brokerage?

A. The only way you can cover an open house is if the organized real estate listing Brokerage has had the Seller sign a legal schedule listing agreement, form 203 (or page 4 of form 271), that specifically indicates that they agree to allow a designated representative from Preferred Stay Realty to host an open house on their property.  Preferred Stay Realty must obtain a copy of this Schedule Form 203 (or page 4 of Form 271), prior to any open house coverage.  

Q. Can I just refer my clients to an active member that is registered under organized real estate and just collect a referral fee?

A. Yes! A fully signed referral agreement must be in place.  The Referring Sales Representative/Broker, the receiving Sales Representative/Broker and the Referring Client must all sign the agreement, acknowledge being made aware who all is being paid on a successfully completed transaction.  The Brokerage must receive all fully signed referral agreements prior to commission being paid out.  

Q. How much referral commission can I charge?

A. The referral amount can be negotiated between you and the Sales Representative or Broker to whom you are referring the client. Referral amounts typically range from 25% to 50% of the commission paid. You cannot accept Bird-Dog fees or gifts. The Brokerage must receive all fully signed referral agreements prior to commission being paid out.  The referral agreement must also be signed by the Seller and/or Buyer that you referred so they are aware you will be receiving a portion of the commission.

Q. How long can I park my license?

A. As long as you remain in good standing with RECO and our Brokerage, you can stay with us as long as you would like.