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Suggestions For Canadians Wanting To Work In Real Estate
by PJ Wade
While children across Canada settle into school routines, many of their parents respond to the "back to school" call of September and explore their own educational options. If you are searching for a new learning challenge or even a new career, real estate education may be worth a closer look. Taking a real estate course or two may help you develop an understanding of the workings of this industry. The knowledge gained should enhance your appreciation of the services offered by licensed professionals and ensure you understand the implications of each step in any real estate transactions you undertake. If you're searching for a new career, take the time to fully investigate the financial and education requirements of earning and maintaining a real estate license in your province before you jump into the first course. Most members of the public who delve into real estate are surprised at the legal, financial and communication complexities and challenges of this profession. Talk to any experienced real estate broker or salesperson and you'll find out just how much more is involved than running an open house and picking up a commission cheque. The Ottawa-based Canadian Real Estate Association, representing more than 70,000 real estate professionals working through 103 real estate Boards, 10 provincial Associations and one territorial Association, provides insight and general information into the range of specializations involved and the ups and downs of this often-under-rated career path. However, since real estate and property rights are a provincial concern, each province and territory has its own real estate education and licensing program dictated by its real estate legislation. Specialists in residential, commercial and industrial real estate take prescribed courses of study to earn credentials as real estate salespeople or brokers. Passing the required courses will not guarantee you a future in real estate. The Manitoba Real Estate Brokers Act requires people who work in the real estate field to be licensed by the Manitoba Securities Commission. Reportedly, the pre-licensing course is not easy, but 75 per cent of students complete it and about two thirds of that group subsequently enter the real estate profession. However, approximately half these salespeople quit or transfer to a different firm within two years of starting. At the provincial/territorial level, licensing requirements vary and continue to become more rigourous. Some provinces like British Columbia also have residence requirements for licensing. The length and complexity of each education program differs greatly: - The Nova Scotia Real Estate Commission (NSREC), an independent, non-government agency, is responsible for administering that province's Real Estate Trading Act and overseeing licensing. NSREC implemented its 15-day Salesperson Licensing Course in 2003 and reports very good feedback that new licensees are much better prepared when starting out in their new career.
- On behalf of the Real Estate Council of Ontario, the Ontario Real Estate Association (OREA) develops and administers the educational courses required for licensing. The three pre-licensing courses are delivered in three formats: online, classroom and correspondence. During the two-year articling period that follows for newly-registered salespeople, four additional courses are required. To renew an Ontario real estate license, which is granted two-years at a time, an additional 24 hours of educational courses are mandatory.
The licensing system and overseeing organizations vary, too. In New Brunswick, contact the Real Estate Council of New Brunswick (REC NB) regarding licensing while in our smallest province, interested parties go through the Consumer, Corporate and Insurance Division, Office of Attorney General, PEI (CCID PEI). The following links will help if you live elsewhere in Canada: If you're coming from further a field, contact the Canadian Information Centre for International Credentials, which falls under the responsibility of the Council of Ministers of Education, Canada (CMEC). |
