Frequently Asked Questions
For whatever reason, Agents sometimes find that they do not require to be licensed and actively selling real estate, but still wish to retain their credentials. These FAQs can provide answers to some common questions about parking your real estate license and about our Park and Protect brokerage.
Q: What is License Parking?
A: Parking your real estate license is the process of registering your Agent or Broker licensing with a Brokerage that has chosen to not join any local real estate board, Alberta Real Estate Association, or Canadian Real Estate Association. There are many of these type of real estate brokerages across Canada. When registering with them, you do not have to pay any ridiculously expensive monthly board dues, AREA fees or CREA fees. Thus joining a non-MLS Brokerage can be significantly cheaper. Your real estate license remains active with RECA, your professional credentials remain protected, however, you would not have access to MLS services and thankfully do not have to and cannot call yourself a REALTOR®.
Q: What is the benefit of parking my license?
A: Real estate agents and brokers work very hard to obtain their licenses and we believe that they should have the opportunity to benefit from it even if they are not active in the business. By parking your license, you can keep your license status “active”. In other word, you will not lose you license due to inactivity, providing that you satisfy the minimum continuous education requirements (REP) should any be applicable for the licensing year. You can save thousands of dollars on unnecessary real estate board fees, yet you can still keep your license active so that you are entitled to earn referral fees and commissions on real estate transactions that you refer to other active agents. Then, at any time in the future if you decided to go back to full time real estate agent work, you do not have to go through the entire licensing, education, and examination process to return to the industry.
Q. Why should I park my license with Park And Protect?
A: Park And Protect is registered as a full licensed real estate brokerage with the Real Estate Council of Alberta. Our Broker is certified for Residential, Commercial, Agricultural, Condominium and Property Management and has over 30 years experience in the real estate industry.
Q. Can I sell or list homes for friends and family?
A: Park and Protect does not authorize our parked associates to work directly with buyers and sellers. We believe the consumer is best served by using a full service Agent that knows the local market place, current selling trends in the area and has access to local board sales statistics. Our Agents can be present in an advisory capacity but are only authorized to refer all trades in real estate to actively licensed Agents. As such, Park and Protect works directly with other licensed Agents, Brokers and Brokerages to achieve these cooperative referral arrangements and ensure all of our clients receive the highest level of service possible.
Q. Can I sell developer projects, new homes sales, or pre-construction projects?
A: Yes! Parked License Agents at Park and Protect may refer their clients to these types of construction projects and earn both applicable referral fees and sales commissions on completion. These projects and the role of our agents are to simply be referrals to the inhouse sales teams of the developers.
Q. If I am not actively selling, am I covered by errors & omission insurance?
A: Yes! All Park and Protect Agents and Brokers who are in good standing with RECA are covered by ARIEX errors and omissions insurance. This is just one way that Park and Protect helps protect it’s Agents.
Q. Can I earn referral commission?
A: Absolutely, in fact we encourage it. Our goal is for all of our Agents to take advantage of their ability and authorization to collect referral fees from other professionals in the industry. We literally pay out a 100% split on referral fees to our Agents.
Q. Who can I refer my clients to?
A: We have a list of preferred trusted referral sources based upon established relationships and past transactions. We ultimately let the Agent decide, but are happy to provide guidance and advice to help ensure a smooth and successful transaction.
Q. How long can I stay registered with your brokerage?
A: You can stay as long as you like, provided you maintain your educational requirements for license renewal by RECA each September. We plan to be around for a long time and know some of our Agents will return to full time industry members but that most will not. We will serve our Agents as long as they need us.
Q. I am not in Alberta. Can I still join your brokerage?
A: As long as you have an Alberta real estate license and are registered as with RECA you are welcome to apply to join Park and Protect. We are a specialty license parking brokerage, those who wish to park their real estate license are welcome.