September 8th - 2009

RECO Update course gets an update

REALTORS® need to stay abreast of ever changing issues, laws and regulatory activities in the real estate industry.

REALTORS® need to stay abreast of ever changing issues, laws and regulatory activities in the real estate industry. The RECO Real Estate Update course, offered exclusively by the OREA Real Estate College, is a vital source of that current, topical information.

Participants in the RECO Real Estate Update will take a newly re-designed course presentation that involves an enhanced and interactive learning experience. The course provides concise and timely legal/legislative overviews, along with current summaries of key RECO programs, initiatives and issues impacting real estate practitioners. Both residential and commercial versions of the course are available.

If you are due to take the RECO Real Estate Update as part of your registration renewal requirements, you will experience a newly re-designed course. The most recent update includes new court cases, changes in legislation, new and revised forms and clauses as well as expanded topics like GREEN Building (energy efficiency), measurement guidelines for residential buildings, dealing with income properties, Ontario Fire Code, Municipal Work Orders, Power of Sale and Foreclosure.

The RECO Real Estate Update has four sections: Legislation and Case Law; REBBA 2002; Current Issues and Best Practices, and; Forms and Clauses.

Legislation and Case Law examines agency law as it relates to client representation and providing service to customers. Students review the outcome of recent court cases and discipline committee decisions that impact real estate trading as well as legislative changes affecting the day-to-day business of registrants.

REBBA 2002 discusses the overall structure of the Act and its regulations. Topics covered include disclosure requirements, multiple representation, advertising and insurance.

The section on Current Issues and Best Practices focuses on current trends and issues that impact REALTORS® on a daily basis. Students will use case studies to analyze typical problems and best practices when dealing with income properties, retrofits, tenant rights as well as the LEED program, R-2000 Homes, ENERGY STAR and Energuide.

Finally, Forms and Clauses looks at the proper drafting of offers including clause wording. Emphasis is placed on newly-developed or revised forms and clauses. Best practices and the importance of accurate complete wording as well as common errors or misunderstandings regarding offers are discussed.

A comprehensive Reference Manual with descriptive learning materials for all topics covered, as well as a Course Workbook containing in-depth case studies will be available as pdf downloads. Each student will also receive a publication called Keeping Up with Changes in Your Profession. The registration fee for the RECO Real Estate Update Course is $75.00 GST.

Feedback for the new format has been positive. Marg Gourlay, a RECO Update instructor, said “The response from the participants was excellent. Many of these real estate representatives had been in real estate many years and had tried all the different ways to do the RECO Update and they indicated that they liked the discussion format as one of the best. The smaller groups are much more effective to work with in this case study style.”

Demand for the 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 continuing education (CE) requirements.

Each registrant is required to obtain 24 CE 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 and if you miss getting these credits on time and lose your registration, it will cost you $250 to reinstate your registration if you are a salesperson, $350 if you are a broker. You will also 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.

Course materials updated

  • Online: If you are an online student, you will participate in the interactive online course and still have access to the course materials in PDF format. Course access is provided for two years from the start date of the course.
  • Classroom: If you are a classroom student, a PDF of the Reference Manual and Course Workbook will be sent directly to your My Portfolio account upon registration in the course. It is essential you print the Course Workbook and bring it to class in order to participate in group activities and discussions.
  • Correspondence: If you are a correspondence student, a PDF of the course materials will be provided along with the multiple choice quiz and answer sheet in your My Portfolio account. The answer sheet must be completed and returned to OREA. Upon receipt and verification of your multiple choice answer sheet, your transcript is posted in My Portfolio.

If you have any questions regarding enrolment, contact the OREA Real Estate College at 416-391-6732 or 1-866-411-6732. All details regarding enrolment are at www.orea.com.

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Updated pamphlet available on Legal Forum Ontario home starts down in July

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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