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Provincial Reference Manual

OREA/RECO

Insurance Program

Insurance coverage offered through RECO consists of three policies:

Commission Protection InsuranceThis coverage involves claims of loss concerning registrant commission that is entrusted to another registrant relating to a trade in real estate when such funds have been stolen, misappropriated, wrongfully converted or obtained by fraud, or the other registrant is a brokerage that has become insolvent.

Deposit InsuranceThis coverage involves loss of a deposit (or part thereof) relating to a trade in real estate that is being held in trust by a registrant when such funds have been stolen, misappropriated, wrongfully converted or obtained by fraud, or the registrant has become insolvent.

Errors and Omissions InsuranceThis coverage involves damages and legal costs that arise from claims against registrants for errors, omissions or negligent acts involving a trade in real estate.

Key definitions and coverage details regarding these three policies are set out in Ontario Regulation 597/05 as reprinted as Figure OR.3.

Education

See Also Figures OR.2a and OR.2b for summary details.

Mandatory Continuing Education

Registrants must fulfill mandatory continuing education requirements for registration renewal. Twenty-four credit hours of continuing education must be completed in accordance with the Mandatory Continuing Education Policy.

Required Course: RECO Real Estate Update
Registrants must complete at least one of either RECO Real Estate Update-Residential or RECO Real Estate Update-Commercial during each 2-year registration cycle. These 6-credit hour courses are offered by the OREA Real Estate College and are available online, by correspondence or in a classroom setting.

Figure OR.2b The Learning Cycle

Figure OR.3 Insurance Coverage

Pre-Approved Education Providers The Real Estate Council of Ontario has pre-approved the following education providers.

Appraisal Institute of Canada
*

a__ociation of Ontario Land Surveyors
*

Canada Mortgage and Housing Corporation
*

Canadian Bar a__ociation
*

Canadian Community Colleges
*

Canadian Condominium Institute
*

Canadian Institute of Chartered Accountants
*

Canadian Institute of Mortgage Brokers and Lenders
*

Canadian Polytechnical Institutes
*

Canadian Real Estate a__ociation
*

Canadian Universities
*

Canadian/Ontario Home Builders a__ociation
*

Commercial Investment Real Estate Institute
*

Institute of Real Estate Management
*

Law Society of Upper Canada
*

National a__ociation of REALTORS®
*

Ontario Real Estate a__ociation
*

OREA Real Estate College
*

Ontario Real Estate Boards
*

Ontario Secondary Schools
*

Other Provincial Real Estate a__ociations in Canada
*

Real Estate Institute of Canada
*

Society of Industrial and Office REALTORS®

Course/Seminar Subject Areas RECO has identified acceptable subject areas for education providers to pursue in developing mandatory education courses.

Unacceptable subject areas include motivational training, manipulative selling skills, philosophical or psycho logical self-improvement, training or education not related to real estate and in-house sales training programs.

Provincial/Territorial Real Estate a__ociations

In organized real estate, a provincial/territorial a__ociation is defined as any duly incorporated provincial a__ociation or territorial a__ociation that is a member of The Canadian Real Estate a__ociation (CREA) as set out in CREA By-law No. 1, Appendix A Rules and Regulations.

Currently, the list of provincial a__ociations and territorial a__ociations includes those in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland, and Yukon Territory.

The term provincial is used throughout this text in the interest of readership when referring to provinces and territories.
Application

These real estate a__ociations perform valuable services to members. Objects set forth in the Letters Patent for these a__ociations vary. Typical areas of service are itemized for illustration purposes only. Also, Figure P.11 lists addresses and related information regarding provincial/territorial a__ociations. Contact the appropriate organization for full details concerning services offered, benefits of membership, and overall structure.

- To promote and maintain a high standard of conduct in the transaction of all real estate business by its members in their dealings with one another and with the public.

- To unite and represent those people engaged in the real estate industry within the province for the purpose of exerting a combined and beneficial influence upon matters affecting real estate.

- To a__ist, generally, in the development of the province to promote the well being and prosperity of its people.

- To increase public confidence in and respect for those engaged in the real estate industry.

- To advocate and promote the enactment of just, fair, and desirable legislation affecting real estate within the province.

- To promote and increase the knowledge, skill, and proficiency of its members in all matters relating to the real estate industry.

- To make available to its members educational courses of the highest practical standards.

- To encourage and promote the right to private ownership of real property

- To promote and advance self regulation of the real estate industry.