Education, Knowledge and Experience
Most real estate brokers and salespersons are engaged in the business of real estate on an ongoing basis every day. Consumers on the other hand generally buy and sell real estate a limited number of times throughout their lifetime.
Many brokers and salespersons pursue ongoing professional development opportunities, obtain membership in professional associations and attend industry events on a regular basis.
Minimum Requirements – All real estate brokers and salespersons are required to take continuing mandatory education courses on an ongoing basis in addition to completing certain educational courses prior to becoming registered.
Consumer Deposit Insurance
The insurance program administered by The Real Estate Council of Ontario (RECO) includes consumer deposit insurance that protects your deposit at no cost to the consumer. The coverage available is up to $100,000 per claim to a maximum of $1,000,000 per occurrence in the event of fraud, misappropriation of funds or insolvency . If the deposit is being held by your lawyer, you should contact the Law Society of Upper Canada to determine what insurance protection may be available.
Complaints & Enforcement
All real estate brokers and salespersons are required to comply with the Real Estate and Business Brokers Act, 2002 and associated regulations, including the Code of Ethics.
RECO addresses inquiries, concerns and complaints about the conduct of brokers and salespersons and takes appropriate action to protect the public interest.