Renewal Stat Update

The renewal deadline is only five days away. We encourage industry professionals, particularly brokers, who haven’t started the renewal process to do so soon.

• 52% of real estate appraisers have not completed their renewal
• 34% of real estate brokers have not completed their renewal
• 28% of mortgage brokerages have not completed their renewal

On Tuesday this week, RECA Consumer and Industry Service staff received just shy of 300 emails and calls; and even with extended hours, industry professionals may not get a reply to a renewal question as quickly as they would like.

Another trend emerging during this year’s renewal period is an increase in brokerage amendments. RECA has received 57 brokerage amendments during September, compared to an average of 20 amendments received during a regular (i.e. non-renewal) month.

Submitting a brokerage amendment at the same time as your renewal can affect your brokerage’s ability to renew as RECA staff need to process the amendment before you can renew. Also, the Real Estate Act requires brokerages to submit amendments in writing to the Executive Director immediately when they occur. Doing so months later could result in an Administrative Penalty.

RECA would like to thank all industry professionals who have completed their renewal.

Watch for a complete wrap-up of this year’s renewal period in the November Regulator newsletter.