{"id":142,"date":"2023-12-05T16:39:00","date_gmt":"2023-12-05T21:39:00","guid":{"rendered":"https:\/\/passit.ca\/real-estate-pulse\/?p=142"},"modified":"2024-11-02T22:20:37","modified_gmt":"2024-11-03T02:20:37","slug":"whos-who-reco-orea-crea-and-the-boards","status":"publish","type":"post","link":"https:\/\/passit.ca\/real-estate-pulse\/whos-who-reco-orea-crea-and-the-boards\/","title":{"rendered":"Who&#8217;s Who? RECO, CREA, OREA and the Real Estate Boards."},"content":{"rendered":"\n<pre class=\"wp-block-preformatted\">Make sure you know what differentiates RECO from organized real estate. Often, one or more exam questions for Humber College Course 1: Real Estate Essentials focus on it. Don\u2019t get confused and lose valuable marks!<\/pre>\n\n\n\n<h2 class=\"wp-block-heading\">RECO<\/h2>\n\n\n\n<p><a href=\"https:\/\/reco.on.ca\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>RECO<\/strong><\/a> (the Real Estate Council of Ontario) is the regulatory body that oversees all real estate registrants (salespersons, brokers and brokerages) in Ontario. RECO administers the <em><a href=\"https:\/\/www.ontario.ca\/laws\/statute\/02r30\" target=\"_blank\" rel=\"noreferrer noopener\">Trust in Real Estate Services Act<\/a><\/em> (TRESA) (previously the <em>Real Estate and Business Brokers Act<\/em> (REBBA)), on behalf of the Ministry of Public and Business Service Delivery. <strong>ALL<\/strong> Ontario real estate salespersons, brokers and brokerages are registered with RECO. RECO&#8217;s role involves:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Consumer Protection (Info\/Education)<\/li>\n\n\n\n<li>Registration\/Renewal of Registrants<\/li>\n\n\n\n<li>Complaints (Registrant Conduct)<\/li>\n\n\n\n<li>Insurance (Errors &amp; Omissions, Consumer Deposit, Commission Protection)<\/li>\n\n\n\n<li>Inspections<\/li>\n\n\n\n<li>Education Standards<\/li>\n<\/ul>\n\n\n\n<p>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. RECO 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. In a recent change, a real estate board can be a direct member of CREA (and not OREA) if they elect to do so. Most Ontario real estate registrants are members of organized real estate.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Organized Real Estate<\/h2>\n\n\n\n<p>The term <strong>organized real estate<\/strong> refers to membership in various trade organizations:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>local real estate boards;<\/li>\n\n\n\n<li><a rel=\"noreferrer noopener\" aria-label=\"OREA (opens in a new tab)\" href=\"https:\/\/orea.com\" target=\"_blank\">OREA<\/a>; and<\/li>\n\n\n\n<li><a href=\"https:\/\/crea.ca\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"CREA (opens in a new tab)\">CREA<\/a><\/li>\n<\/ul>\n\n\n\n<p>Members of organized real estate voluntarily join these organizations to derive many benefits, the most notable of which is the Multiple Listing Service (MLS\u00ae). Note: Selected property details from MLS\u00ae appear on<a href=\"https:\/\/realtor.ca\"> <\/a><a href=\"https:\/\/realtor.ca\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"realtor.ca (opens in a new tab)\">realtor.ca<\/a> (operated by CREA).<\/p>\n\n\n\n<pre class=\"wp-block-preformatted\">Remember: All members of organized real estate in Ontario are RECO registrants (i.e., salespersons, brokers or brokerages), but not all RECO registrants are members of organized real estate.<\/pre>\n\n\n\n<p><strong>Local real estate boards<\/strong> provide a variety of services, most notably offering MLS\u00ae services to its member brokerages. <a aria-label=\"Find the local real estate board in your area (opens in a new tab)\" href=\"https:\/\/www.orea.com\/About-Us\/Real-Estate-Organizations-of-Ontario\" target=\"_blank\" rel=\"noreferrer noopener\">Find the local real estate board in your area<\/a>. These organizations have traditionally been referred to as boards; e.g., the <em>Toronto Regional Real Estate Board<\/em>. However, some boards are now called associations of REALTORS\u00ae; e.g., the <em>Waterloo Region Association of REALTORS\u00ae<\/em>.<\/p>\n\n\n\n<p><a data-cke-saved-href=\"https:\/\/orea.com\" href=\"https:\/\/orea.com\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>OREA<\/strong><\/a> (the Ontario Real Estate Association) is the <em>provincial<\/em> real estate association. OREA was previously the RECO designate to offer courses leading to RECO registration. This role is now provided by Humber College in partnership with NIIT Canada. OREA is most commonly known for its <a href=\"https:\/\/www.orea.com\/standard-forms-clauses\" target=\"_blank\" rel=\"noreferrer noopener\">standard forms<\/a> which are used province-wide <em>\u200b\u200b\u200b\u200b\u200b\u200b\u200bby OREA members only<\/em>.<\/p>\n\n\n\n<p><strong><a rel=\"noreferrer noopener\" aria-label=\"CREA (opens in a new tab)\" href=\"https:\/\/crea.ca\" target=\"_blank\">CREA<\/a><\/strong> (the Canadian Real Estate Association) is the <em>national<\/em> association in organized real estate. CREA operates the consumer-facing website <a rel=\"noreferrer noopener\" aria-label=\"realtor.ca (opens in a new tab)\" href=\"https:\/\/realtor.ca\" target=\"_blank\">realtor.ca<\/a> and owns the trademarks MLS\u00ae and REALTOR\u00ae. <em>Only CREA members can use the term REALTOR\u00ae.<\/em><\/p>\n\n\n\n<pre class=\"wp-block-preformatted\">Studying for the Humber College Course 1 exam and not sure you're ready? <a rel=\"noreferrer noopener\" aria-label=\"Passit's Guide for Humber Course 1 (opens in a new tab)\" href=\"https:\/\/passit.ca\/humber-course-1-real-estate-essentials\" target=\"_blank\">The Passit Guide for Humber Course 1<\/a> has everything you need (and more) to tackle your exam with confidence!<\/pre>\n","protected":false},"excerpt":{"rendered":"<p class=\"excerpt\">Make sure you know what differentiates RECO from organized real estate. Often, one or more exam questions for Humber College Course 1: Real Estate Essentials focus on it. Don\u2019t get confused and lose valuable marks! RECO RECO (the Real Estate Council of Ontario) is the regulatory body that oversees all real estate registrants (salespersons, brokers [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":378,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[22,19,4],"tags":[],"class_list":["post-142","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-course-1-real-estate-essentials","category-humber-college","category-real-estate-course-tips"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Who&#039;s Who? 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