IX. Licence Renewals
Waiver Of Assessment For Certain Categories Of Licences
The Real Estate Errors and Omissions Insurance Corporation adopted a policy of assessing both corporations and natural persons one insurance premium, regardless of the number of licences held. As a result of this policy, corporate brokerages do not pay an additional assessment for each licensed branch office. Similarly, natural persons will only pay one insurance assessment, regardless of the number of licences they hold.
An assessment for the Real Estate Special Compensation Fund is applied to both brokerages and individuals. Multiple managing brokers, who are licensed with two separate, affiliated companies, are assessed a separate compensation fund assessment for each licence. However, managing brokers who are licensed with two offices of the same brokerage (i.e. head office and branch office) are only required to pay the compensation fund assessment once, with their first managing broker licence.