June 9th - 2005

RECO Real Estate Update teaches fundamentals

Do you know about the Boost and Flip? That’s when a fraudster quickly purchases a listed home and gets the listing broker to remove it from MLS so fewer people know about it.

Do you know about the Boost and Flip? That’s when a fraudster quickly purchases a listed home and gets the listing broker to remove it from MLS so fewer people know about it. She or he boosts the price (and maybe the square footage of the home in a new listing to justify the price) and resells the home, making off with the difference in the selling price and the final buyer’s downpayment. Sound like something you need to know? You will when you take the updated RECO Update course.

The content of the RECO Real Estate Update course is designed to bring registrants up to speed on current real estate law, legislation and RECO activities. The update soon to be released will include all new court cases, changes in legislation, new and revised forms and clauses as well as expanded topics like mortgage fraud, contamination, grow houses and greenbelt protection. If you’re due to take the course any time soon, you’ll find significant differences from the one you may have taken previously.

The RECO Real Estate Update is taught in four sessions: Case Law, Forms and Clauses, Legislation and Current Issues and The RECO Report.

Case Law summarizes selected recent court decisions affecting real estate brokers and salespersons and discusses the impact of case law from a practical perspective on the listing and selling of residential, rural/recreational and commercial properties.

Forms and Clauses introduces new and revised forms for enhanced consumer protection along with new clauses and schedules relating to condo and new home sales.

Legislation and Current Issues provides a working knowledge of current real estate legislation. Informed brokers and salespeople are better equipped to give buyers and sellers accurate information allowing for greater consumer protection. Criminal issues such as mortgage fraud as well as environmental issues like the preservation of greenbelt areas that have a direct impact on REALTOR’s day-to-day businesses are examined in this section.

The RECO Report covers things like changes to errors and omissions insurance, a synopsis of errors and omissions claims and the CCD process. Case studies from the Complaints, Compliance and Discipline process are studied as well.

Demand for course
If your registration is coming up for renewal soon, don’t forget you will need the RECO Real Estate Update course to fulfill your mandatory continuing education (MCE) requirements.

Each registrant is required to obtain 24 MCE credit hours in each two-year cycle and six of those credit hours must be the RECO Real Estate Update course. Without the Real Estate Update credits, you cannot renew your registration. You will not be allowed to trade in real estate until your reinstatement takes effect so obtaining your RECO update credits is extremely important to your business.

If your registration lapses, your new registration cycle will run from the date your application for reinstatement is approved and will then be due for renewal in two years from that date. The dates of your former registration cycle no longer apply. Time frames for reinstatement vary as RECO conducts a number of external verifications.

If you do need the update credits, don’t delay. In 2004, more than 16,000 registrants enrolled in the RECO Real Estate Update course, and although it’s available via correspondence and online, almost 12,000 of those enrolled chose classroom instruction. Because seating is limited, those who wish to take the course in the classroom in a convenient location should register early.

Several formats
OREA’s Real Estate College offers the course in several formats including the six hour/six credit classroom version as well as correspondence and online versions. The course is also available in both residential and commercial editions and real estate boards across the province host the classroom version at various times throughout the year.

To find out when the next RECO Real Estate Update is scheduled in your area, contact the OREA Real Estate College at 1-800-265-6732 or your board office.

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For more information contact

Ontario Real Estate Association

Jean-Adrien Delicano

Senior Manager, Media Relations

JeanAdrienD@orea.com

416-445-9910 ext. 246

Ontario Real Estate Association
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