Know what differentiates RECO from organized real estate. Often, one or more exam questions in Real Estate as a Professional Career focus on it. Don’t get confused and needlessly lose marks.
1. RECO is the regulatory body that oversees real estate registrants in Ontario.
2. Organized real estate (local boards, OREA and CREA) are essentially trade organizations representing paying members who voluntarily join to derive many benefits, the most notable of which is MLS®.
3. All members of organized real estate in Ontario are registrants (i.e., salespersons, brokers or brokerages), but not all registrants are members of organized real estate.
4. Anyone who becomes a real estate salesperson MUST be a registrant under RECO. As a RECO registrant, you MAY become a member of organized real estate. Registrants become members of organized real estate by joining a real estate board. Boards have a three-way arrangement that then automatically makes you a member of OREA and CREA.
5. OREA wears two hats: (a) the provincial association in organized real estate and (2) the designate of the Real Estate Council of Ontario to offer courses leading to RECO registration. RECO owns the courses and oversees all standards, content and so forth. OREA offers the courses on RECO’s behalf.