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Should You Be a Broker/ (Part 2)

By Brian Madigan

Commercial Real Estate Agent with RE/MAX West Realty Inc., Brokerage (Toronto)

November 01, 2009 04:11 AM

Should You Be a Broker? (Part 2)

By Brian Madigan LL.B.

Since I recently published Part 1, (which wasn't Part 1 at the time) I have to publish an Update.

The Real Estate Council of Ontario (RECO) has just announced that it is changing the continuing education policy rules:

"Furthermore, any courses completed to fulfill the educational requirement for registration do not qualify for CE credits or for carry-forward credits. These include the three education courses taken in the initial two-year registration cycle (Real Property Law, the Course 3 Advanced course not completed during pre-registration, and one elective) as well as the Broker Course and additional elective required to qualify for broker registration.

This change to the policy makes the application of the CE Policy consistent across all registration levels.

To facilitate the transition process of this new policy, a two-month grace period (until December 31, 2009) will be extended to registrants who are currently completing, or are registered for, the courses required for Broker registration and have intentions of using these credits towards their continuing education requirements. Any registrant who has completed the broker course or the additional pre-requisite articling course prior to January 1, 2010 will be able to apply these for a maximum of 18 carry-forward credits into their first CE cycle as a broker."

So, if you were thinking about being a broker, do it now. You have the November and December. After that, there is no 18 credit carry-forward.

Brian Madigan LL.B., Realtor is an author and commentator on real estate matters, Royal LePage Innovators Realty
905-796-8888
www.OntarioRealEstateSource.com

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John Rakoci

Eagle Realty - North Myrtle Beach, SC

North Myrtle Beach Coastal Carolinas

The rules of our business keep changing. It is hard to keep up at times. I'm licensed in both North Carolina and South Carolina which can really be a headache at times. Rumor is SC is going to do away with sales person licenses and have everyone becme a broker as NC did some time ago. I already have a brokers license in both states.

As membeship declines I would not be surprised if NAR and/or state associations look to increase revenue by adding to our financial burden. That may cause a few more to leave but those that remain would more than make up the difference as the costs will be high. Some will complain but the loss of part-time agents and non-productive agents would be good for everyone concened.

Nov 01, 2009 04:53 AM

Brian Madigan

RE/MAX West Realty Inc., Brokerage (Toronto) - Toronto, ON

LL.B., Broker

John,

I agree.

There are far too many agents at this point in time. In Ontario, there are two classifications; 1) sales representatives and 2) brokers.

As well, there are many part-timers. I think part-timers are fine as long as they are going into retirement mode.

The problem is that the threshold for entry is very low, and people simply apply in order to make a little extra income on the side, and it's better than working as a waiter or waitress in a restaurant.

Good luck with the two States!

Brian

Nov 01, 2009 05:32 AM

FN LN

Toronto, ON

Brian - RECO doesn't give affected people much notice about the changes - just two months starting yesterday (November 1, 2009). I'm under the impression that numerous people only complete the minimum number of courses required for RECO registration every two year cycle.

Nov 01, 2009 10:13 PM

Marc,

I think very few will be caught by this. In my case, the Brokers Course represented my entire 24 credits for this renewal (sic), and all I would need would be the 6 hour RECO update for the next 2 year cycle.

Now, they are saying that you can't use any of those credits for either purpose. And, you can't use the other articling course.

Having said that, 12 hours per year isn't really very much.

Nov 01, 2009 11:05 PM

Sylvie Conde

Sutton Group-Associates Realty Inc., Brokerage - Toronto, ON

Broker, Toronto Real Estate

I don't think the Broker's Course should ever have been used for credits for CE. I think the course is a requirement for becoming a Broker, and that's it. Let people take more hours of education. What we have to do right now is not enough, as far as I'm concerned.... and when I see people take stupid courses like "how to use word", or "how to use your PDA" to make it count towards credit education, I want to slap somebody. People should know how to use those things, anyway.
What will the next 6 credit course offered be? How to turn on your computer?

I, personally, would prefer more courses like the Mortgage Financing, Appraisal course, etc., as part of the continuing education program. Some of the courses offered now are a joke (and unfortunately, sometimes, one has to repeat them, because there's nothing new).

Nov 02, 2009 01:13 AM

Sylvie,

We are in agreement on this point. If you need to take a course on how to answer your blackberry, then take it, but it's got nothing to do with real estate.

I would think that someting in the range of 5 days, every year, is about right. And, that's dealing with real estate, not how to decorate your house.

Nov 02, 2009 01:42 AM

Brian, I agree, completely.

I think 40 hours, or even more, would probably be 'good' education (although we can do better than good).

I usually go well over the 24 credits, but it makes me crazy that there aren't better courses available.

Nov 02, 2009 05:33 AM

Should You Be a Broker/ (Part 2)

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