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OREA & RECO

Ontario Real Estate a__ociation
Profile Acronym: OREA The Ontario Real Estate a__ociation was founded in 1922 to promote higher professional standards, protect the public and preserve private property rights.

Today, OREA represents more than 42,000 brokers and salespeople who are members of the province's real estate boards. The a__ociation's many functions include administering all registration courses on behalf of the Real Estate Council of Ontario (RECO), giving REALTORS® more ways to take mandatory continuing education credits, providing a strong lobbying voice for REALTORS®, offering savings programs and informing members of real estate news.

OREA continually strives to improve the image of REALTORS® by enhancing educational and professional standards. The a__ociation also handles ethics and arbitration appeals involving board members, develops, publishes and provides downloadable standard forms and clauses, and supports educational and charitable causes through the OREA Foundation. Every real estate professional who joins an Ontario real estate board automatically becomes a member of OREA and The Canadian Real Estate a__ociation (CREA).

Real estate is an exciting and demanding profession, offering many rewards to committed professionals. Perhaps at no other time in the profession's history have practitioners experienced so many changes. Internet technology now allows consumers direct access to property information. Internet marketing and virtual tours are becoming an industry norm. At the same time, mandatory continuing education has raised the bar for professional standards, and client representation is more challenging as the marketplace grows increasingly complex.

The Ontario Real Estate a__ociation is in the forefront of new developments to ensure ongoing, beneficial services to its membership.

Mission The purpose of the Ontario Real Estate a__ociation is encapsulated in its mission statement:

OREA's goal is to help Ontario's REALTORS® succeed through many activities.
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Monitoring government legislation that affects real estate.
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Providing a strong lobbying voice.
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Maintaining high-calibre education and professional development programs.
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Developing a positive image of REALTORS®.
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Forming affinity partnerships to provide discount programs for members.
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Reporting and a___yzing industry news and trends.

OREA Real Estate College

Courses leading to registration include: Real Estate as a Professional Career program (Phases 1, 2 and 3 (Residential and Commercial)), the Articling Phase (specialized courses within the two-year articling period), including Real Property Law, Principles of Appraisal, Principles of Mortgage Financing, Principles of Property Management, Real Estate Investment a___ysis and Professional Real Estate Brokerage.

The a__ociation also administers RECO Real Estate Update (Residential and Commercial) courses as part of the mandatory continuing education program.
Continuing Education

OREA develops continuing education courses which are offered by real estate boards throughout Ontario. OREA is a RECO-approved continuing education provider and offers programs that qualify for continuing education credit hours under the mandatory continuing education program. All registrants must obtain 24 credit hours of approved education in each two-year registration cycle.

Currently, over 50 courses encompass topics including agency, communications, computer and business technology, commercial, legal issues, management, professional standards and ethics, professional and personal development, residential real estate sales, rural and recreational sales, and taxation.
Reference

Detailed course descriptions, schedules, policies/procedures for classroom and self-directed courses (correspondence and online), are fully detailed in the OREAReal Estate Career Guide. Copies are available through the OREA Real Estate College. A summary illustration regarding registration courses is also highlighted under RECO: Programs/Activities.
Real Estate Instructor (REI)

The Ontario Real Estate Instructor (REI) designation was introduced by OREA in 1998 to recognize excellence and improve the quality of real estate licensing education instruction. This designation is available only to persons currently listed as OREA-approved licensing education instructors.

Successful candidates must complete the Application for Candidacy & Designation and acquire a minimum of 125 credits under the following categories: professional experience, education (including formal education, designation programs and continuing education programs), teaching experience, teaching skills evaluation and service to the industry. Requirements are similar to the Distinguished Real Estate Instructor (DREI) designation developed by the Real Estate Educators a__ociation.

Other business-oriented services to members include the OREA Leadership Conference, public relations efforts to develop a strong positive image of members in the eyes of the public, ongoing media relations and publications including standard form completion software. Member communications also includes the OREA Foundation (the charitable arm of the Ontario Real Estate a__ociation), which supports shelter-based charities in Ontario communities, both directly and in partnership with real estate boards. Board Support Services OREA provides real estate boards with advice and support concerning day-to-day operations. Activities include media seminars, professional standards, discipline and arbitration committee materials, board governance materials, and interboard arbitrations and appeals. Real Estate Council Of Ontario Acronym: RECOThe Real Estate Council of Ontario was formed pursuant to an administrative agreement under the Safety and Consumer Statutes Administration Act, 1996. The Council's mandate focuses on consumer protection and administration of regulatory requirements for Ontario's real estate profession. On May 5, 1997, RECO a__umed responsibility for the administration of the previous Act t__led Real Estate and Business Brokers Act now known as Real Estate and Business Brokers Act, 2002.

Mission

The mission of RECO is to provide a regulatory environment that earns the full confidence of consumers, registrants and government. To that end, certain guiding principles underlie the council's activities.

To endeavour at all times to resolve, to the best of its ability, any real estate problem that the consumer may have.
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To attempt to be always tolerant and understanding of stakeholders' concerns.
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To make every effort to ensure that staff understand that, while RECO is a regulatory body, its mandate should also be to act as a service to the consumer, the government and registrants.
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To accept both responsibility and accountability for its actions at all times.
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To conduct itself with integrity and honesty in relationships with stakeholders.
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To approach daily tasks in a positive and upbeat manner that will convey willingness to a__ist clients, while at the same time making the workplace enjoyable.
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To continually strive in its effort to deliver quality service to a fair and informed marketplace.
Principal Clients and Services The citizens of Ontario are the principal clients of RECO and the council serves and protects these clients in co-operation with three major stakeholders: registrants, industry a__ociations and government. All registrants are registered under the Real Estate and Business Brokers Act, 2002. The Real Estate Council of Ontario provides various services centred in four areas.

Consumer Protection Providing complaint and dispute resolution, offering consumer education and public information and instituting a consumer compensation program.

Professional Standards Enforcing a Code of Ethics, setting standards for membership and promoting professional development and education.

Statutory Duties Maintaining, safeguarding, and improving registration procedures and fulfilling duties of the Registrar in relation to the Real Estate and Business Brokers Act, 2002.

Statutory Compliance Ensuring member compliance with REBBA through enforcement, inspection and investigation of members.

Governance

Board of Directors RECO is governed by a board of directors consisting of nine real estate profession members and three ministerial appointments representing business, consumer and government. The board of directors seeks input from consumers, government, industry a__ociations and members in carrying out its responsibilities.

Standing Committees and Task Forces The Board of Directors also relies on selected standing committees (e.g., audit and by-laws committees), as well as task forces concerning specific initiatives. The Board has established task forces to address issues that impact Ontario consumers and/or registrants. The role of each task force is to identify, research, consult and make recommendations regarding identified issues. Members of these task forces include consumer, industry and government representatives, and also include subject matter experts (e.g. regulatory law) on specific areas of concern.

Figure OR.1 RECO Governance Structure

Administration/Management The President and Chief Executive Officer (CEO) reports directly to the board of directors and oversees the day-to-day operations of RECO. Revenues for the ongoing operation of the Real Estate Council of Ontario are derived from registration fees. RECO operates on a not-for-profit basis, with any excess revenue invested in improvements to compliance matters, public information, accessibility, education and technology. Real Estate and Business Brokers Act, 2002 The Real Estate Council of Ontario is responsible for overseeing and administering the Real Estate and Business Brokers Act, 2002. The Registrar of the Real Estate and Business Brokers Act, 2002 is appointed as the chief registration officer for the Act. The statutory duties and functions of the Registrar are distinct and require independent decision-making so that the provisions of the administrative agreement pursuant to the Safety and Consumer Statutes Administration Act are fully complied with. One or more deputy registrars may be appointed to carry out specific duties under the Registrar.

See Also REBBA 2002 for a reprint of the Real Estate and Business Brokers Act, 2002 (and related Regulations).