OREA: Strengthen the “Cooling Off” Period for Registration Revocations
This is the Proposal from OREA:
“RECOMMENDATION
#9: Increase the mandatory “cooling off” period following a registration revocation to two years less a day, before the offending individual can reapply following a major violation of TRESA.
Most agents/brokers are honest, hardworking individuals who put the interests of their clients at the forefront of everything they do. But like in all professions, a small number of bad actors act unethically and cast a negative light on the entire industry. These individuals need to be held accountable to their peers and consumers. Anyone who would compromise the integrity of the real estate profession through a major violation of TRESA should be held accountable for their actions. These bad actors undermine consumer confidence in registrants. Individuals can re-apply for registration just one year after RECO decides to revoke their registration.
Considering revocations only occur in extremely serious cases, OREA is recommending that the mandatory “cooling off” period increase to two years less a day before the offending individual can reapply for registration following a major violation of TRESA.”
COMMENT
Essentially, if a registrant has their registration revoked, then they cannot reapply for two years. This makes good sense. There has already been a determination by RECO that this particular person should not be practicing.
Brian Madigan LL.B., Broker