RECO offers professional liability insurance course
RECO offers a professional liability insurance course to help real estate professionals understand the program and its benefits effectively.
The Real Estate Council of Ontario (RECO) has launched a new elective continuing education course to help real estate professionals understand the province’s Professional Liability Insurance Program. The course was developed after RECO identified insurance as an area where registrants needed additional education.
RECO said it consulted with the sector to determine the need for the course. The regulator found that insurance was a key area where registrants required more targeted education.
Course Overview
The course provides an overview of the program’s three types of coverage: Errors and Omissions, Commission Protection, and Consumer Deposit. It also explains registrants’ insurance obligations under the Trust in Real Estate Services Act, 2002 (TRESA).
The course includes scenarios that demonstrate how the insurance program applies in practice. This is intended to give registrants a better understanding of their obligations and how the program works.
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Importance of Professional Liability Insurance
By law, all registered real estate professionals in Ontario must carry professional liability insurance. RECO said this requirement is an important consumer protection measure that helps ensure financial safeguards are in place when consumers experience a loss.
RECO‘s administrator and acting CEO, Jean Lépine, said professional liability insurance plays a significant role in maintaining trust and confidence in Ontario’s real estate services sector.
The course includes a mandatory assessment that participants must complete to receive continuing education credit. RECO said the assessment will provide valuable insights to help inform its broader work to modernize regulatory education.
The launch of the course represents an early milestone in RECO‘s continuing education modernization journey. They are exploring opportunities to strengthen learning outcomes and improve the overall quality of education for real estate professionals.
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As the real estate sector continues to evolve, it is essential for professionals to have a deep understanding of their obligations and the role they play in consumer protection. This course is a step towards achieving that goal, and it will impact the sector in the long run.
The course is part of RECO‘s efforts to provide registrants with the knowledge and skills they need to succeed in their careers. By providing targeted education and training, they aim to promote a culture of professionalism and excellence in the real estate services sector.
Next Steps
RECO will continue to monitor the effectiveness of the course and make adjustments as needed. They will also explore other opportunities to strengthen learning outcomes and improve the overall quality of education for real estate professionals.
For now, the course is available to all registered real estate professionals in Ontario. Participants who complete the course will receive continuing education credit, which can be used to meet their registration requirements.
