Parking your license essentially means putting it temporarily or on a long-term hold. For a variety of reasons, real estate salespersons and Brokers may wish to pursue other opportunities while keeping their Real Estate License active.
To operate in Ontario, Real Estate Salesperson or Brokers must be affiliated with a Brokerage before being registered and licensed by the Real Estate Council of Ontario. RECO is responsible for administering the Real Estate and Business Brokers Act, 2002, and the updated TRESA.
Brimstone Realty Brokerages has two offices, one being a member of TREB and another that is not associated with any boards. If you choose to park your license with us, you will be registered at the address for the non member office.
You will no longer need to pay fees to any boards, OREA and CREA!
With RECO, your license is either active or terminated. You do not need to be a member of organized real estate in order to trade and represent your clients.
With Brimstone Realty Brokerage Your Licence will still be active, but you will no longer work directly with Buyers and Sellers. You will be able to trade and earn commission by referring business to a REALTOR® at a full-service Brokerage i.e. a Brokerage that belongs to a real estate board.
You can negotiate your referral fee with the agent you choose to work with.
You will keep 100% of your referral fee from each trade, your trade will be subject to standard brokerage transaction fees.
If you refer to our Broker of Record, they will offer a 50% referral fee (meaning the remuneration will be split 50/50 after transaction fees etc)
As you will not be a member of organized real estate, you will not have access to the MLS, WEBforms or any other service offered via organized real estate.
Brimstone Realty Brokerage annual fee of $79.99+ HST
Annual RECO Insurance
Complete your continuing education courses and renew your license every 2 years
You can transfer back to your old brokerage, or to our board member office, anytime you're ready to join organized real estate again.
Have questions? Reach out to us!