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Ontario Real Estate Information

Ontario Real Estate Association

From Wikipedia, the free encyclopedia

The Ontario Real Estate Association (OREA) represents the 45,000+ real estate brokers and salespeople who are members of the 42 real estate boards in Ontario. OREA also provides all real estate licensing courses in Ontario through the Ontario Real Estate College.

In 1922 a new organization was founded in Toronto to organize real estate activities on a province wide basis. The organization was formed to promote higher standards to protect the public, and to champion the interests of the real estate organization members to government. The organization was called The Ontario Association of Real Estate Brokers (now called OREA®).

The general consensus of real estate men held by the public at that time was described by Charlie Purnell, President of the Hamilton Real Estate Board, 1940-1942 in this statement[1] “The forming of the Hamilton Real Estate Board by the men interested, was not so much to increase their earnings, but to better the image of the real estate business generally, which was looked down upon to such an extent, that people going into the real estate business were referred to as going into a racket.”

After eight years of lobbying the provincial government, the Ontario Association (of which all local boards were members) scored a major victory, when the government brought into law the Real Estate Brokers Act (1930). The government of Ontario, at the urging of the Ontario Association of Real Estate Brokers, found it necessary to codify and regulate the Real Estate Brokers occupation. A new law was enacted, under the supervision of the Ontario Securities Commission called ‘Act for Registration of Real Estate Brokers and Salesmen’.

Bill 150 was introduced into the Legislature on March 21 1930 by Mr. Ferguson MPP, 2nd Reading was March 26th 1930, House in Committee March 26th 1930, 3rd Reading March 27th 1930 and Royal Assent was given on April 30th 1930. It took only 12 days to become law after having been introduced into the Legislature. An attempt was made to search for Legislative debates on this issue but none were found. It appears there was not much opposition for the passage of this Bill. One could make an inference from the lack of debate, that the disreputable practices of unregulated real estate brokerages had attracted attention for some time.

The Regulations, Chapter 247 of the Real Estate Brokers Act (1930) stipulated the rules which had to be followed, if one wanted to practice real estate in Ontario. Initially, the rules were not very stringent.[2] If one wanted to practice, all that was required was to make an application in writing on the forms provided by the Registrar, accompanied by the prescribed fee, and supply a $500 surety bond. A Broker who carried on business in a city, or within 5 miles from the boundaries of a city, having a population of 100,000 paid a $15.00 fee, and all other Brokers paid $5.00. Salesmen also required to be registered through a registered broker. The fee for Salesmen was $3.00 and there was a $1.00 fee for a salesmen notifying that he had changed brokers, or for any other change in registration such as an address change. In 1931 there were 668 Brokers and 400 salesmen registered under the new Act.

The Act was amended in 1940 and again in 1949 but there were still no academic qualifications required and no formal training in the real estate business was required.

The Ontario Association started an educational program in four different locations in the Province in 1954.[3] Finally, in 1959 individuals had to pass a short examination, on their knowledge of the Real Estate and Business Brokers Act.

By 1975 the Ontario Association was successful, in convincing the Ministry of Consumer and Commercial Relations in Ontario, (who by that time was responsible for supervising the Real Estate and Business Brokers Act,) that mandatory education, for registration of all registrants in the province, be elevated to 150 hours of study, with an examination that had to be passed with a 75% pass mark. There were also new Broker courses introduced, along with a new Certificate Program, which had to be passed with the same 75% mark, to qualify for registration as a Broker.

An articling program was launched in 1988, which required all new registrants to complete and pass, three more forty hour courses, within their first two years of registration, failing which, they would not have their registrations renewed, until these requirements were satisfied. The Ontario Real Estate Association (OREA®) and the provincial government signed an agreement in 1997 which granted the right to self management and [4] The Real Estate Council of Ontario was established to administer the Real Estate Brokers Act, on behalf of the Provincial government. In addition to the articling program, a new requirement to maintain ongoing education by attending 30 hours of mandatory continuing educational courses was made a regulation, during each two year registration cycle. This regulation came into effect in 2000 and includes a 6 hour RECO Update Course which is mandatory. The rest of the hours are selected from a course calendar supplied by the Ontario Real Estate Association College of Continuing Education.

In October 2005, OREA® succeeded in its lobbying to amend legislation that could have subjected Ontario REALTORS® to regulation by the Law Society of Upper Canada.[5][6]

Mandate and Programs

OREA's Mission Statement is to: "To help Ontario REALTORS®, Member Boards and Associations succeed."

The OREA® Real Estate College is currently RECO's nominee to provide Real Estate educational courses, and to administer examinations leading to registration of salespersons, brokers, and brokerages.

OREA® provides Real Estate Boards with advice and support concerning day-to-day operations.

See also

External links

  1. Charlie Purnell, “Eighty Years of Progress”, Ontario Real Estate Association, publication, Don Mills Ont. 2002
  2. Real Estate Brokers Act, Statutes of Ontario and Regulations (1930),
  3. Revised Statutes and Regulations of Ontario(1949) Real Estate Business and Brokers Act., Queens Printer, Toronto.
  4. Real Estate and Business Brokers Act, and Regulations of Ontario (2002).
  5. "Issue Summary: Access to Justice Act (Bill 14)". 2006-08-01. http://www.orea.com/index.cfm/ci_id/8782/la_id/1.htm. Retrieved 2007-04-06. 
  6. "REALTORS avoid Law Society regulation". 2006-10-19. http://www.orea.com/index.cfm/ci_id/9614.htm. Retrieved 2007-04-06. 
  7. The Windsor Star, Commemorative Feature, 90th Anniversary The Windsor Essex County Real Estate Board, Saturday,May 24,2008, sec. I,p1.

Text is available under the Creative Commons Attribution-ShareAlike License; additional terms may apply. Wikipedia® is a registered trademark of the Wikimedia Foundation, Inc., a non-profit organization.

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Note: SeeWhy’s materials will show you what is important to focus on for the exam, however, a licensed salesperson is responsible for knowing all of the contents of course 1,2,and 3.

To obtain your real estate license in Ontario you are required to complete course 1, 2 and 3, and choose between an elective of Advanced Residential or Advanced Commercial. With our support materials you can obtain your license in four months or less of part time study!
 

Enrolment in one of our programs does not constitute actual enrolment in the course, instead our materials are designed to streamline the learning and ensure you are successful on the actual exam. To enrol in the actual courses (a requirement to actually write the exam), visit the OREA® website.

 

Embarking on Course 1?

Our course 1 programs have been priced well below their true value. This is because we want you to see the benefits of studying with our programs. We know our students love what we offer because they come back for all of their future training needs. Our course 1 success package includes:
  • A 75 page summary of the textbook (no need to read the textbook to pass the exam!)
  • Key Concept flash cards that speed up your learning by highlighting the key learning points in the course.
  • Practice Exams that prepare you for the difficulty, focus and wording of the actual exam.

Have you advanced to Course 2?

While course 2 is not the final step towards obtaining your real estate license, for many it is the most difficult. This is the course that tends to “weed people out” of the industry, but not if you are using our materials. While this program is one of our premium priced products, it is still priced well below those of our competitors. It is also a relatively small investment given the difficulty of the exam and the unlimited earning potential of a career in real estate. This program includes:

  • A 100 page summary of the textbook (no need to read the textbook to pass the exam!)
  • Key Concept flash cards that speed up your learning by highlighting the key learning points in the course.
  • Practice Exams that prepare you for the difficulty, focus and wording of the actual exam.

Are you working on Course 3 General?

Why waste hours in class when you are still required to pre-read the material and study for the final exam? After a brief read of the text book, a week with our study materials is all you need. As usual, our flash cards will bring to your attention the key areas in the text. The program also includes:

  • Key Concept flash cards that speed up your learning by highlighting the key learning points in the course.
  • Practice Exams that prepare you for the difficulty, focus and wording of the actual exam.

In the coming months we plan on rolling out many new and exciting products. Many of our students are patiently waiting for assistance with the articling courses that are required during the first 18 months of your career. Thank you for your patience. While it takes a little more time to develop our study tools, you know that once they are available they have been given the SeeWhy seal of approval and backed up with our money back guarantee!

Thank you for considering SeeWhy Learning, and here’s to “Less Stress, More Success”

 

Real Estate Course 1: Real Estate as a Professional Career

Exam will test you on:

  • A general overview of a career in the real estate profession.
  • How the real estate market interacts with other elements of our society.
  • How the real estate profession works and what skills you will need to be successful.
  • A high level discussion of the importance of economics, demographics and geography on real estate values.
  • Consumer buying habits and marketing methods.
  • A basic overview of mathematics.

Real Estate Course 2 : Land, Structures and Real Estate Trading

Exam will test you on:

  • How land and property is registered in Canada.
  • Examine municipal planning and land use zoning.
  • Identify the key elements in home and commercial building construction.
  • Review the various ways that property can be valued.
  • Review how real estate is traded, rules and regulations of the industry (REBBA® 2002), as well as the concept of representation relationships.

Real Estate Course 3: General - The Real Estate Transaction ~ General and Advanced Residential

All students must write the exam pertaining to course 3 general, and one advanced component (real estate or commercial).

Exam will test you on:

  • This exam will test you on an overview of the real estate transaction, from listing agreement through to the final sale.

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Canadian Securities Course® (CSC®)
Investment Funds in Canada Course
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® (WME®)
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The trade-marks OREA®, OREA® Course 1 (phase 1), OREA® course 2 (phase 2) and OREA® course 3 (phase 3) are owned by The Real Estate Council of Ontario (RECO®). The Real Estate Council of Ontario (RECO®), Ontario Real Estate Association®, and Ontario Real Estate College® does not sponsor, license or necessarily recommend these study notes and or exam preparation materials for its courses. SeeWhy Learning’s exam preparation materials and study notes are not sponsored by any other industry organization.

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