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Ontario Real Estate Association

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The Ontario Real Estate Association (OREA) represents real estate brokers and salespeople who are members of Ontario's real estate boards.

History

The Ontario Association of Real Estate Boards (later renamed the Ontario Real Estate Association) was founded in 1922 to organize real estate activities on a province-wide basis.[citation needed]

In 1930, the Ontario government brought into law the Real Estate and Business Brokers Act. The government of Ontario codified and regulated the real estate brokers occupation. A new law was enacted, under the supervision of the Ontario Securities Commission, called ‘Act for Registration of Real Estate Brokers and Salesmen’.[citation needed]

Bill 150 was introduced into the Legislature on March 21, 1930 by Mr. Ferguson and Royal Assent was given on April 30, 1930.[citation needed]

The Act was amended in 1940 and again in 1949 but there were still no academic qualifications required and no formal training in the real estate business was required.

The Ontario Association started an educational program in four different locations in the Province in 1954.[1] Finally, in 1959 individuals had to pass a short examination, on their knowledge of the Real Estate and Business Brokers Act.

By 1975 the Ontario Association was successful, in convincing the Ministry of Consumer and Commercial Relations in Ontario, (who by that time was responsible for supervising the Real Estate and Business Brokers Act,) that mandatory education, for registration of all registrants in the province, be elevated to 150 hours of study, with an examination that had to be passed with a 75% pass mark. There were also new Broker courses introduced, along with a new Certificate Program, which had to be passed with the same 75% mark, to qualify for registration as a Broker.

An articling program was launched in 1988, which required all new registrants to complete and pass, three more forty-hour courses, within their first two years of registration, failing which, they would not have their registrations renewed, until these requirements were satisfied. The Ontario Real Estate Association and the provincial government signed an agreement in 1997 which granted the right to self-management and [2] The Real Estate Council of Ontario was established to administer the Real Estate Brokers Act, on behalf of the Provincial government.

In October 2005, OREA avoided being regulated by the Law Society of Upper Canada.[3][4] The current President of OREA is Ray Ferris.

  • 1918 - The Windsor Essex County Real Estate Board is the [5] oldest Real Estate Board in Ontario,incorporated April 12, 1918 with 25 member brokers. It was initially called The Border Cities Real Estate Board.
  • 1920 - Toronto Real Estate Board founded; Canada's largest real estate board
  • 1997 - RECO founded to administer the Real Estate and Business Brokers Act (REBBA)
  • 2002 - Ontario Real Estate College formed, assuming all the duties of the OREA Education Department

Work

OREA provides real estate registration courses in Ontario through the OREA Real Estate College.

See also

References

  1. ^ Revised Statutes and Regulations of Ontario(1949) Real Estate Business and Brokers Act., Queens Printer, Toronto.
  2. ^ Real Estate and Business Brokers Act, and Regulations of Ontario (2002).
  3. ^ "Issue Summary: Access to Justice Act (Bill 14)". 2006-08-01. Retrieved 2007-04-06.
  4. ^ "REALTORS avoid Law Society regulation". 2006-10-19. Retrieved 2007-04-06.
  5. ^ The Windsor Star, Commemorative Feature, 90th Anniversary The Windsor Essex County Real Estate Board, Saturday,May 24, 2008, sec. I,p1.
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