November 11th - 2006

Insurance must be paid to get paid

If your insurance premium is not paid, you cannot get paid. That is one of the changes of the Real Estate Business Brokers Act, 2002 (REBBA 2002) and one RECO has started to enforce.

If your insurance premium is not paid, you cannot get paid. That is one of the changes of the Real Estate Business Brokers Act, 2002 (REBBA 2002) and one RECO has started to enforce.

RECO has posted a notice on its Web site and sent notification to the boards that “on Friday, October 6th, the Registrar began issuing more than 350 proposals to revoke the registration of brokers of record, brokers and salespersons who failed to comply with insurance requirements under the Real Estate and Business Brokers Act, 2002 (REBBA 2002).

“Once the proposal to revoke registration has been issued, the Registrar will only consider withdrawing it if the registrant makes the required payment or terminates his/her registration. In either case, immediate action by the registrant is required.

“Registrants are entitled to a hearing by the Licence Appeal Tribunal (LAT) if they file a notice of appeal within 15 days after the Registrar’s proposal has been served. If no request for an appeal is received by LAT, the Registrar may carry out the proposal. Links to LAT and related documents are available on RECO's Web site at: Insurance Alert: Issued Oct 6, 2006.”

A registrant whose registration is revoked may not reapply for registration for a minimum prescribed period of 12 months. All registrants are required to disclose their insurance status and any change in insurance status in writing to buyers and sellers.

The disposition of a proposal is a matter of public record and will be posted in the Regulatory Activity section of RECO's Web site for a period of at least 60 months.

Affected registrants who have questions or concerns should contact: Courtney Cickello, Administrative Assistant, Office of the Registrar at 416-207-5144, or toll-free at1-800-245-6910, ext. 5144. By e-mail, contact courtney@reco.on.ca.

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For more information contact

Ontario Real Estate Association

Jean-Adrien Delicano

Manager, Media Relations

JeanAdrienD@orea.com

416-445-9910 ext. 246

Ontario Real Estate Association
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