Condominium Management Licensing Update
| August 31, 2022
by Doug Dixon, RECA Regulatory Compliance Advisor, Real Estate and
The condominium manager industry has been under RECA’s regulatory umbrella for nearly eight months! Many of you have completed the necessary education on your conditional licenses already—thank you to all the condominium manager licensees who have completed their courses to date.
RECA licensees spoke up and we heard you!
After much consultation with licensees, particularly through the recent broker forums and industry engagement sessions, the Residential Property Manager Industry Council announced changes to the original education deadlines for the conditional licence of condominium manager associates.
The Industry Council heard licensees’ concerns with courses, exams, and the completion timeframe that were brought forward and will allow for associate licensees to apply for both course and exam extensions in specific courses, if needed.
What has Changed for Condominium Education
Condominium manager associates can extend their deadline to complete their licensing courses to March 31, 2023. For RECA to grant the course completion extension, associate licensees must be registered in their course(s) prior to the original course completion deadline of November 30, 2022.
Condominium manager associates may also request an extension to the 90-day timeframe for taking an exam after completing a course. This extension applies to both the Fundamentals of Condominium Management and Practice of Condominium Management exams.
Learners will also now have three opportunities to rewrite the Practice of Condominium Management exam, if necessary, free of charge. The cost of the initial exam will remain the same at $235 for all exams and the Fundamentals of Condominium Management and Condominium Management Broker Program courses will remain capped at two exam attempts before having to re-enrol in the course again.
Next Steps for Learners
All conditionally licensed condominium managers must complete the course(s) that have been listed on their conditional licence. To learn which courses and exams are required based on your circumstances, please login to your myRECA account and go to the Licensing tab. Brokers can also view the education status of their associates by viewing the Condo Education Report on their My People page.
Condominium Managers who wish to challenge an exam, take a practice exam, or request a course or exam completion extension, should contact email@example.com.
Condominium Management Fiscal Reporting Requirements
During this first year, condominium brokerages and brokers who also had a real estate licence were allowed to file a single fiscal year-end report for both licenses. This simplified the process for the first licence year as brokers adjusted to the additional licensing requirements.
Please note that as of December 1, 2022, a separate report will be required for each licence. If there is no trust activity in one or multiple brokerage accounts, a form four can be completed for that licence. Any questions on this process can be sent to firstname.lastname@example.org.
Ten new Information Bulletins have been published on reca.ca to guide condominium management licensees on the Standards of Practice in a regulated environment.
RECA’s Information Bulletins guide licensees on important industry topics.
All condominium management licensees are encouraged to review these important resources.