OREA and Real Estate Council of Ontario (RECO) have been collaborating on a strategy that will boost the knowledge of students completing the pre-registration segment of the Salesperson Registration Education Program.
Students enrolling on or after April 1, 2016, will be required to complete five mandatory courses in the pre-registration segment instead of three. This strategy will ensure that students are better prepared to trade in real estate upon obtaining their initial registration with RECO.
The five courses must be completed in sequence, as follows: Real Estate as a Professional Career; Land, Structures and Real Estate Trading; The Real Estate Transaction—General & The Residential Real Estate Transaction; The Commercial Real Estate Transaction; and Real Property Law. The timeline for completion (18 months) will remain the same.
In the Articling segment, students will be required to complete one elective course within the two-year timeframe. The electives from which students can choose are: Principles of Appraisal; Principles of Mortgage Financing; Principles of Property Management; and Real Estate Investment Analysis.
This change will not affect students who enrolled in the program on or before March 31, 2016.
Course requirements for the Broker Registration Education Program remain the same.
Course fee increase
Fees for courses in the Salesperson Registration Education Program and the Broker Registration Education Program will increase for students enrolling on or after April 1, 2016.
The new fee schedule is listed on http://bit.ly/1nY9e0l.
Educational Services Agreement extended
RECO has extended the Educational Services Agreement (ESA) with OREA to December 31, 2020. The ESA makes OREA Real Estate College the designate authorized to deliver the Salesperson Registration Education Program and the Broker Registration Education Program in Ontario.
The extension of this contract will allow for an 18-month transition period between the current program and the new program, expected to launch in 2019 following a thorough review of registration education by RECO.