Frequently Asked Questions (FAQ)
Clear answers about parking your licence, costs, RECO requirements, transfers, referrals, and more. Fees and rules can change—always confirm current RECO requirements.
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What is “Parking”?
“Parking” (also called warehousing or shelving) means registering your active RECO licence with a brokerage that is not a member of a local board or CREA/OREA. You remain licensed with RECO and avoid board dues, but you do not have MLS access and cannot use the REALTOR® title.
Why would I park my real estate licence?
Popular reasons include saving fees during a break, maternity/parental leave, admin or assistant roles, part-time selling, illness or family care, moving out of area, winding down toward retirement, or staying licensed while choosing a new brokerage.
How much does it cost to maintain a parked licence?
- Brokerage parking: $199 + HST (one-time)
- RECO registration renewal: every 2 years (e.g., $340)
- RECO insurance (E&O): annual (e.g., $500, pro-rated if mid-year)
Amounts are examples and may change. Always verify current fees with RECO.
Do I still have to take my Continuing Education credits?
Yes. All registrants must complete RECO’s mandatory CE, including the RECO Update Course, each cycle.
Do I still have to pay RECO insurance (E&O)?
Yes. Insurance is mandatory for all registrants, billed annually, and typically due in August for coverage starting September 1. If you register mid-year, RECO pro-rates the amount.
I am a new registrant—how do I register my licence?
- Get a police check for employment (local OPP or police service).
- Complete the brokerage registration form and pay $199 + HST.
- Create a RECO MyWeb account and fill out the New Registrant form.
- Submit the RECO application, fees, and original police check to RECO.
You’ll be notified when RECO shows you as registered with the brokerage.
I work for a brokerage now—how do I transfer my licence?
- Send the new brokerage’s completed registration form.
- Provide your termination letter dated within the last 60 days.
- Pay $199 + HST plus the RECO transfer fee (e.g., $25).
They’ll process your transfer with RECO and confirm once complete.
My licence has lapsed—can I reinstate and park it?
Less than 2 years: Complete RECO’s reinstatement form in MyWeb, update CE credits, obtain a new police check, pay reinstatement and insurance fees, then register with a brokerage and pay the fee.
Over 2 years: RECO requires restarting the registration program. Parking earlier helps prevent losing status.
Why don’t parked agents actively represent clients?
Without a board membership, you cannot access MLS or OREA forms. For compliance and client care, parked agents refer business to an active registrant and earn a referral fee instead of trading in real estate.
Can I still sell real estate?
No. Parked agents cannot trade in real estate (no showings, offers, negotiations, or open houses). You may refer clients and earn a referral commission through the brokerage.
Can I do an open house or be an assistant for another rep?
No. You may only be paid by the brokerage you are registered to, and only perform tasks allowed for an unlicensed assistant. Activities that meet the definition of a “trade” require you to be registered to the same brokerage handling the trade.
How do I let people know I can still refer them?
Use business cards and a professional email. Before sharing client details, complete a written referral agreement with the receiving brokerage to set expectations, protect your fee, and ensure compliance.
How much referral commission can I charge?
Referral fees are negotiable and commonly range from 25%–50% of the earned commission, paid through the brokerage.
How and when do I get my referral fee?
Many brokerages pay on a 90/10 split (you receive 90%). After funds clear the trust account, payment is issued promptly.
Who should I refer clients to?
Choose a trusted, active registrant in the client’s market. If you’re unsure, the brokerage can recommend a reputable agent and coordinate the introduction.
What is the $25 referral bonus?
Some brokerages pay $25 to anyone who refers a licensed registrant who joins and remains for at least 30 days after paying their annual fee.
How long can I park my licence?
There is no time limit. Keep up with RECO requirements and brokerage fees, and you can remain parked as long as you like. You may terminate anytime with a signed request.
How do I return to active trading?
Send a signed termination letter to your parking brokerage and register with your chosen full-service brokerage. They can help you choose a board for MLS access.
Do you have a commission trust account?
Yes—RECO-registered brokerages maintain required trust accounts and insurance, and follow all applicable regulations.
I don’t live near the GTA/Ottawa—does that matter?
No. We support Ontario registrants across the province. You need a Canadian residence and an Ontario address for service (often the brokerage’s office address).
Still have questions?
We’re happy to help.
Phone: 905-458-9200 | Email: info@yesrealty.ca