Education, Knowledge and Experience
All brokers and salespersons are required to complete educational courses prior to becoming registered and are also required to take continuing education courses. In addition, many brokers and salespersons pursue ongoing professional development opportunities, obtain membership in professional associations and attend industry events on a regular basis. While consumers buy and sell real estate infrequently, most brokers and salespersons are engaged in these activities on a daily basis.
Consumer Deposit Insurance
All brokers and salespersons are required to be insured. The insurance program administered by RECO includes consumer deposit insurance – paid for by brokers and salespersons. 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 $500,000 per occurrence. If the deposit is being held by your lawyer, you should contact the Law Society of Upper Canada to determine what insurance protection may be available.
Complaints & Enforcement
All real estate brokers and salespersons are required to comply with the Real Estate and Business Brokers Act, 2002 and associated regulations, including the Code of Ethics. RECO addresses inquiries, concerns and complaints about the conduct of brokers and salespersons and takes appropriate action to protect the public interest.