Real Estate Licence Queston

[Mvarga]

Hello Everyone,

I figure because there are alot of realtors on this forum I might be able to get help answering this question. Next year I plan on leaving Canada to go work and travel abroad for a year, however I would really like to get my real estate licence before I leave so I have it when I return to canada. However I have been told that within a year of passing your test you need to become registered with a broker. Obviously this presents a problem for me.

I have been told that there is a way to have a company hold your licence so it is registered even though you aren`t employed and working. Has anyone ever heard of this? Maybe a company can register you and then you just pay the yearly fee even though you are abroad? Just trying to figure this out and see if I can work it out.

Thanks for any advice

 

[gwasser]

QUOTE (Mvarga @ Aug 19 2010, 07:40 AM) Hello Everyone,

I figure because there are alot of realtors on this forum I might be able to get help answering this question. Next year I plan on leaving Canada to go work and travel abroad for a year, however I would really like to get my real estate licence before I leave so I have it when I return to canada. However I have been told that within a year of passing your test you need to become registered with a broker. Obviously this presents a problem for me.

I have been told that there is a way to have a company hold your licence so it is registered even though you aren`t employed and working. Has anyone ever heard of this? Maybe a company can register you and then you just pay the yearly fee even though you are abroad? Just trying to figure this out and see if I can work it out.

Thanks for any advice

I don`t know whether you can hold a license without being registered through a broker. But you also have to do mandatory courses to keep your license during your one year absence to stay current. If you don`t do them you lose your license. You may do them on-line but that is a pain as well.

Personally, I wouldn`t get the license before your departure, do it upon your return.

 

[WadeFenner]

QUOTE (Mvarga @ Aug 19 2010, 07:40 AM) Hello Everyone,
I figure because there are alot of realtors on this forum I might be able to get help answering this question. Next year I plan on leaving Canada to go work and travel abroad for a year, however I would really like to get my real estate licence before I leave so I have it when I return to canada. However I have been told that within a year of passing your test you need to become registered with a broker. Obviously this presents a problem for me.

I have been told that there is a way to have a company hold your licence so it is registered even though you aren`t employed and working. Has anyone ever heard of this? Maybe a company can register you and then you just pay the yearly fee even though you are abroad? Just trying to figure this out and see if I can work it out.

Thanks for any advice

The way I understand it is: If you take the education required to get your licence but do not register with the province or a brokerage you have two years to get the license and get registered with a broker. You need to do courses on an annual basis to maintain a license but do not need to take more course during the two years because you don`t yet have a license to maintain.

The course are available online or in class & I reccomend you take the classes vs online.

Call the Alberta Real Estate Association (AREA) to get the facts straight from the source. Or Calgary Real Estate Board (CREB) 403-781-1307 or the Real Estate Training Institute in Edmonton at 780-455-3522.


Good Luck

 

[NeilUttamsingh]

QUOTE (Mvarga @ Aug 19 2010, 09:40 AM) Hello Everyone,

I figure because there are alot of realtors on this forum I might be able to get help answering this question. Next year I plan on leaving Canada to go work and travel abroad for a year, however I would really like to get my real estate licence before I leave so I have it when I return to canada. However I have been told that within a year of passing your test you need to become registered with a broker. Obviously this presents a problem for me.

I have been told that there is a way to have a company hold your licence so it is registered even though you aren`t employed and working. Has anyone ever heard of this? Maybe a company can register you and then you just pay the yearly fee even though you are abroad? Just trying to figure this out and see if I can work it out.

Thanks for any advice

Mvarga,

I do not know what province you are in...

In Ontario, this is what happens...
Once you have your license, you can `park it` with a real estate brokerage.
You are basically registered with this brokerage through RECO.

You pay the real estate brokerage a monthly or annual fee in order to keep your license active.
You still have to complete all of your continuing education courses, and you also have to pay for your mandatory insurance premium once a year.

I know this because I got my license back in 2008, I stopped working as a realtor and have had my license `parked` for the past year with a local real estate brokerage in Oakville, Ontario.

Some of these details may be a bit off, however, this is what needs to be done. (If you are in Ontario)

Best Regards,
Neil.

 

[wealthyboomer]

QUOTE (gwasser @ Aug 19 2010, 08:47 AM) IBut you also have to do mandatory courses to keep your license during your one year absence to stay current. If you don`t do them you lose your license.

Is that true for non-board agents?

 

[Dan_Eisenhauer]

It doesn`t matter whether or not you are a member of any given real estate board. A Board is an association of Realtors, nothing more. It is each province which sets its own rules about training and continuing ed, and how much is paid by a licensee for insurance, etc.

As a matter of interest: I felt it cost me $600 per month to hold a BC Sale`s License 3 years ago. That was before I started to pay for marketing.

In BC, you have one year after passing the exam to activate your license with a Broker. Parking your license is one way to earn the license now, and have it ready for when you return. But, as said above, you will have to pay to for parking, same as with your car.

Does your province have mandatory continuing ed after getting licensed? If yes, that may have an effect on your plan.

Here is another option for your consideration. Wait until you are ready to return. In BC, it takes about 4 - 6 weeks from the date of registering until the exam date. We can register online. When your trip is coming to an end, register but give enough time to study. You could be licensed within a couple weeks of your return.

 

[WJW]

If you are in Ontario you can park your license for $25 a month at www.parkmylicense.ca

You will still need to complete all the mandatory licensing requirements but you have 2 yrs to complete them before your license is renewed. More info is available on the website above.