This page offers answers to common questions that Realtors have when registering a licence or considering transferring their current licence to our Ontario board member or non board member Brokerage, or parking their licence with our non board Brokerage.
TRANSFERRING YOUR LICENSE FAQ’S
1. Q. If I transfer or park my license with a non board member Ontario brokerage will I still be able to sell Real Estate?
A. Yes with Anchor Realty, Even though you have “parked” or transferred your license with a Non Board Real Estate Brokerage you will still have an active Real Estate license. Unlike every other non board member brokerage we know, at Anchor Realty we still allow you, and support you fully to trade in Real Estate. In our view, if RECO allows you to trade why should we stop you from trading? Most brokerages that hold “parked” licences only allow you to take or give referrals; That means that instead of taking home a cheque for all of your commission you’re only taking home 25%. On a total commission of $7000 you would only be seeing $1,750 if you were to refer it. The whole reason you got your Real Estate licence was to make money selling Real Estate so why would you want anything less than your full commission?
2. Q. Will I still have to complete my required courses?
A. Yes. In order to maintain you license you will have to complete the mandatory hours required by RECO every 2 years. The web link www.reco.on.ca will keep up to date on your course hours and some available courses.
3. Q. Do I have to be located in the same general location as Anchor Realty to transfer my license to them.
A. No. As long as you have an Ontario Real Estate Licence you can transfer or “Park” you license with us.
4. Q. How long can I keep my license parked?
A. As long as you like. As previously stated, your license with an Ontario Brokerage and is still active youre just not a board member thereby saving the fees.
5. Q. How much does it cost to “park” my license with Anchor Realty?
A. The cost to “park” your license with Anchor is $25 per month plus H.S.T. for the 50/50 commission split. If you would like a higher commission split it’s only $1 per percent per month, so a 90/10 split would cost only $65 per month plus H.S.T. No board fees, CREA, or OREA.
6. Q. Are there any other fees I will have to pay?
A. You will also be required to pay RECO a transfer fee.
If you have any questions that have not been answered from this page please feel free to contact us and one of our staff would be happy to assist.