Your current licence to trade in real estate authorizes you to trade on behalf of the brokerage with which you work for. In order to trade under another brokerage follow the steps outlined below:
Step 1: Terminate your licence with your current brokerage
Licensees may terminate their licence by completing the Notice of Termination Form and providing it to the Commission. The form may be completed and signed by the licensee or their broker. There is no fee to terminate your licence.
Step 2: Reinstate your licence with your new brokerage
Licensees may reinstate their licence with a new brokerage by completing the Notice of Reinstatement Form and providing it to the Commission. This form must be signed by the broker or managing associate broker. All licensees must have active Errors & Omissions (E&O) insurance in order to maintain their to trade in real estate.
Important information to consider when terminating your licence if you plan on reinstating:
- 30 days from terminating:
The amount of time allotted for licensees who wish to terminate and immediately reinstate with another brokerage. The fee for reinstatement in this time frame is $200.
- Two years from terminating:
- Licensees may still be charged with violating the Real Estate Trading Act even though they have terminated their licence, per Section 19(7) of the Real Estate Trading Act.