Quick Renewal Stat Update

With seven business days left before the end of this year’s renewal period, more than 50 per cent of industry professionals have not been renewed yet.

The number of individuals in mortgage brokerage who are renewed is particularly low at just over 30 per cent, despite the fact that almost 80 per cent of mortgage brokerages have obtained and reported the required errors and omissions insurance coverage.

On a percentage basis, real estate appraisers and candidates are leading the renewal charge this year with just shy of 50 per cent having been renewed thus far.

Remember that if you are not renewed by the end of September 30, you are not authorized to trade in real estate, deal in mortgages or act as a real estate appraiser as of October 1. Make sure you check your licensing status on October 1 before carrying out any work that requires an authorization. To do so, visit www.reca.ca, click on “Industry Members” and then click on “Search for an Industry Member” under “Featured Resources.” You can search your licensing status by your last name. If the search results show your name with anything other than a green light beside it – do not trade in real estate, deal in mortgages or act as a real estate appraiser.

If your name comes up with anything other than a green light (or doesn’t come up at all) and you are an associate or associate broker, please contact your broker. If you are a broker or real estate appraiser/candidate, you should log into the RECA Online licensing system to process your renewal, provided you have all of the required form(s) completed and commissioned by a Commissioner for Oaths. If you have difficulty doing so, you will need to contact the Real Estate Council of Alberta during regular business hours (Monday to Friday, 8:30 a.m.-5 p.m.) to look into the issue.

On a completely unrelated note, we want to take this opportunity to thank the dozens of Edmonton-area industry professionals who took the time to stop by the RECA trade show booth at the REALTORS® Association of Edmonton trade show at the Mayfield Inn yesterday. We had a steady stream of industry professionals stop by our booth; and everyone seemed to share our opinion that the show was well-run, well-attended and something to look forward to next year.