RECO Exam Preparation | Who is RECO, CREA, OREA, and the Real Estate Boards?

Make sure you understand the difference between RECO and organized real estate. This is a key topic in Humber College Course 1: Real Estate Essentials, and exam questions often test this knowledge. Don't get confused and lose valuable marks!

Get Your Humber Real Estate Exam Study Notes at : https://www.humberrealestate.net/

RECO Exam Preparation | RECO

The Real Estate Council of Ontario (RECO) is the regulatory body overseeing all real estate registrants in Ontario, including salespersons, brokers, and brokerages. RECO administers the Trust in Real Estate Services Act (TRESA) (formerly the Real Estate and Business Brokers Act (REBBA)) on behalf of the Ministry of Public and Business Service Delivery. All Ontario real estate salespersons, brokers, and brokerages must be registered with RECO.

RECO's key responsibilities include:

• Consumer protection (information and education)

• Registration and renewal of real estate professionals

• Handling complaints about registrant conduct

• Providing insurance (errors & omissions, consumer deposit protection, commission protection)

• Conducting inspections

• Establishing education standards

Anyone who becomes a real estate salesperson must be a registrant under RECO. As a RECO registrant, you may also choose to join organized real estate. Registrants become members of organized real estate by joining a local real estate board. Through a three-way agreement, this membership automatically includes membership in both OREA and CREA. However, in a recent change, real estate boards can now choose to be direct members of CREA without being members of OREA. Most real estate registrants in Ontario are part of organized real estate.

Organized Real Estate

The term organized real estate refers to membership in professional trade organizations, including:

• Local real estate boards

• Ontario Real Estate Association (OREA)

• Canadian Real Estate Association (CREA)

Members of organized real estate join voluntarily to access various benefits, the most notable being the Multiple Listing Service (MLS®). Selected MLS® property details also appear on realtor.ca, which is operated by CREA.

Key takeaway: All members of organized real estate in Ontario are RECO registrants (salespersons, brokers, or brokerages), but not all RECO registrants are members of organized real estate.

Local Real Estate Boards

Local real estate boards provide various services, most notably MLS® services for member brokerages. You can find a local real estate board in your area to explore membership benefits. Traditionally, these organizations were referred to as real estate boards, such as the Toronto Regional Real Estate Board. However, some have now adopted the title association of REALTORS®, such as the Waterloo Region Association of REALTORS®.

OREA (Ontario Real Estate Association)

OREA is the provincial real estate association in Ontario. It was previously designated by RECO to provide courses leading to RECO registration, but this role is now handled by Humber College in partnership with NIIT Canada. OREA is best known for its standard real estate forms, which are used province-wide by OREA members only.

CREA (Canadian Real Estate Association)

CREA is the national real estate association. CREA operates the consumer-facing website realtor.ca and owns the trademarks MLS® and REALTOR®. Only CREA members are permitted to use the term REALTOR®. RECO Exam Preparation...

Preparing for Your Humber College Course 1 Exam?

If you're studying for the Humber College Course 1: Real Estate Essentials exam, make sure you have the right study materials. Understanding the distinctions between RECO, OREA, CREA, and real estate boards is crucial for your success!