A career in real estate can provide you with flexible hours and boundless earning potential. It isn’t your usual 9 to 5 job and rather than your boss deciding your income, you can decide how much you earn. Helping people find, buy and sell properties can be rewarding. If you want to embark on a career as a real estate agent in Toronto, Ontario, Canada, you need to know what is involved in getting your license in this province.
Register for courses through the Ontario Real Estate Association (OREA). All courses in Toronto, and throughout Ontario, are provided by this association. You must have an Ontario Secondary School Diploma (OSSD) or equivalent, or be at least 18 years of age, complete the OREA real estate college admissions test and attain a minimum mark of 50 percent.
Complete the Real Estate as a Professional Career course. This course includes a general idea of the real estate profession, the skills needed, effects on real estate values and mathematics. You can take the course online or by correspondence. When you study online, you learn on the Internet, whereas with correspondence, you study at home using textbooks. As of 2010, the course fee in Toronto is $440. Other provinces have different fees, and in some cases, different courses.
Sign up for and complete the Land, Structures and Real Estate Trading course. This course provides knowledge about how to register land and property, how to establish the value of properties and legislation in Toronto and in the rest of Ontario. You can choose to study online, by correspondence or through a 60-hour classroom course. As of 2010, the course fee in Toronto is $470.
Complete the Real Estate Transaction course. This includes the General and the Commercial Real Estate Transaction course or the Residential Real Estate Transaction course. You will complete the course you didn’t choose during the articling phase, which is the first two years of work as a real estate agent in Toronto. The online study option is only for the general part of the course. Forty hours of classroom time comes after that. You can also study the general portion by correspondence, which is also followed by 40 hours of classroom work. Or you can take the 80-hour classroom course. The 80-hour classroom course includes both the General and The Residential or Commercial Real Estate Transaction courses. The course provides opportunities for explanation and discussion, and includes a lot of problem-solving tasks and case studies. As of 2010, each course costs $330 in Toronto.
Take your articling program after you register with the Real Estate Council of Ontario (RECO) as a licensed salesperson. You will do your articling program during the first two years of your career as a real estate agent in Toronto. You can buy and sell properties during this phase while you complete two more courses, as well as an elective course. The following fees are specific to Toronto, Canada: The courses and fees, as of 2010, are Real Property Law for $430, the Real Estate Transaction course you didn't choose in Step 4 and an elective course, which is also $430.
You must pass all course exams with a minimum of 75 percent. Prepare to complete 24 credit hours of continuing education every two years to stay current on laws and legislation and to maintain your license.
You must attend at least 70 percent of classes to be able to write the exams.