What does Parking your License mean?

With Take Five Realty Inc. Brokerage, your Real Estate Licence will still be active but you will no longer work directly with Buyers and Sellers. You will be able to trade and earn commission by referring business to a full-service Brokerage i.e. a Brokerage that belongs to a real estate board

How much does it cost?

RECO Brokerage transfer fee of $25.00. Take Five Realty Inc. Brokerage annual fee of $240.00 + HST, $271.20. You will also have to continue to pay for your RECO insurance every year and update your education and renew your license every 2 years.

What am I saving if I MOVE my license to Take five realty?

You will no longer have any Real Estate Board , OREA or CREA fees. You will also eliminate any fees you pay to your current Brokerage.

With RECO your license is either active or terminated. If you want to maintain your license you must be registered with a Brokerage.

WHY DO I HAVE TO CONTINUE TO RENEW MY RECO LICENSE?

Will I still be able to see what is available for sale and what has sold?

As you will not be a member of any Real Estate Board, you will not have access to MLS and all the services that the Boards provide.

Can I still sell real estate?

Take Five Realty Inc. Brokerage puts a restriction on you license allowing you to trade by referral only. No working directly with buyers and sellers, but you can actively seek out referral opportunities.

If I am NOT ACTIVELY SELLING, why do I have to pay my RECO insurance?

Everyone who holds an Ontario Real Estate license has to pay their insurance annually, renewed in August.

What do I have to do to TRANSFER my License?

Contact Take Five Realty Inc. Brokerage. We will walk you through the simple, straightforward process. You will have to resign from your current Brokerage, provide some personal information and answer a few questions about yourself and the status of your license. 

How long does the process take?

As long we have all the information we need about you, we will transfer your license electronically. If everything is correct the transfer is immediate.

Is there any other cost to me?

Take Five Realty Inc. Brokerage has an annual fee of $240.00 + HST. No other charges, regardless of how many referral transactions you make. No deal fees! You receive 90% of all referrals that close and are paid. The Take Five Administration costs are covered by the 10% retained by the company.

How do I go back to my old Brokerage?

When you decide to go back to a Full-Service Brokerage simply resign from Take Five Realty Inc. Brokerage and contact the Brokerage you are going to join. They will process the transfer of your license to their Brokerage and RECO will charge $25.00

If, through my current Brokerage, I have transactions that will complete at a future date, what happens to those deals?

The Brokerage you are currently with will pay you the commission you are owed for the work you completed when your license was registered with them. 

What next?

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