Wednesday, September 14, 2016

Most Important Things To Know To Park Real Estate License

By Martha Edwards


Whenever you have to decided to go on vacations, attend school, and think of temporarily leaving the business for some reasons like maternity leaves and retirements, there is no need for you to surrender the real estate license. You wills have to register to brokerage, a non board member of real estate associations. This is called parking or sometimes referred to as shelving or warehousing. Even if you are parking, you still are registered to the council.

When you do this, you do not have to pay for fees like high fees for the brokerage which relates to board associations. Another good advantage of park real estate license Ontario is that you can still do trading through referring. Through parking, you are able to maintain your educational requirements and you will earn fees for your referrals.

There are a lot of reasons why should park your license in Ontario. One reason is to reduce your fees. An example for this is if you and your mate are working in the same brokerage. Another is if someone is new to a business and does not have ideas yet, a position for administrator or assistant can be of help in adapting the new environment.

Another reason is when you have obtained already your license but you are not ready yet for the business. Lastly, when you decide to transfer to other places and not sure of going back. Parking time for licenses is unlimited, unless you stop paying for your fees and maintaining the requirements.

If it happens that licenses lapsed for less than 2 years, it can still be parked, but you have to fill out a reinstatement. But if licenses will lapse for more than 2 years already, you need to begin with the registration and start taking all registration courses again. So it is suggested that you must park it if ever you still have the decision of going back to the business.

If it is parked already, you should not be involved in transactions from then on. You should not be selling houses to families, friends, or past clients. All you just have to do is referring them to a sales representative and earn your referral fee. You must choose the best representative for them.

The seller or buyer will not be the one to pay you for choosing a representative for them and to whom they are working with. Instead, the brokerage will be paying you for commissions on referrals. See to it that the seller or buyer has the knowledge that he or she is the purchaser of the brokerage and not yours. And be sure to have an agreement for referrals in case you have problems in the amounts.

Referral amounts must be discussed by the broker and sales representative. The usual amount is between 25 and 50 percent of your commission. Some people may ask whether if they are allowed to do open houses or work as an assistant to other brokerage.

Working with another broker is never allowed, because you can only be paid by the broker whom you registered to. This is a very important rule by brokers. This means that you will be paid only, as well as the sales representative when you are working with the same brokerage.




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