Buying a home is an important financial decision you make. You need to do your own research, understand the process of buying a home, and choose a registered salesperson or broker to work with.
When you work with a registered salesperson or broker you benefit from:
Education, Knowledge and Experience
All salespersons and brokers are required to complete educational courses prior to becoming registered and are also required to take continuing education courses. Many pursue ongoing professional development opportunities, obtain membership in professional associations and attend industry events on a regular basis.
Consumer Deposit Insurance
All salespersons and brokers are required to be insured. The insurance includes consumer deposit insurance. The coverage that protects your deposit is available under the insurancore program at no cost to you. In the event of fraud, misappropriation of funds or insolvency there is coverage available to consumers of up to $100,000 per claim to a maximum of $1,000,000 per occurrence.
Complaints & Enforcement
All real estate salespersons and brokers are required to comply with the Real Estate and Business Brokers Act, 2002and associated regulations, including the Code of Ethics. RECO addresses inquiries, concerns and complaints to protect the public interest.
Make sure your salesperson or broker is registered
In Ontario, in order to trade in real estate, salespersons and brokers must be registered under the Real Estate Business and Brokers Act, 2002. Before you begin working with a real estate broker or salesperson make sure you confirm that they are registered by using the online search feature.
The information available to you includes the registration status, the current expiry date of registration and regulatory activities related to the brokerage, broker or salesperson.
RECO regulates the real estate profession in Ontario. RECO is responsible for administering the Real Estate and Business Brokers Act, 2002 (REBBA 2002) and associated regulations on behalf of the provincial government. In order to trade in real estate in Ontario, brokers and salespersons must be registered under REBBA 2002. RECO’s mission is excellence in the delivery of regulatory services that protect the public interest and enhance consumer confidence in the real estate profession.
For writing this blog I used RECO's articles. For more information, please visit www.reco.on.ca.
Century21, Heritage Group Ltd.