✓ broker/salesperson is the one single controlling shareholder owning 100% of shares with voting rights
✓ broker/salesperson is the only director + president of the corporation
✓ broker/salesperson is employed by a brokerage to trade in real estate
✓ can give non-voting shares to be owned directly or indirectly by family members (spouse/children/parents) for income splitting
✓ can only provide services to the brokerage that employs the broker/salesperson
✓ cannot restrict/transfer the broker/ salesperson’s powers to manage/supervise the corporation
✓ cannot represent to the public that the PREC trades in real estate
✓ cannot carry on business as a brokerage
✓ cannot, on behalf of the brokerage, directly or indirectly hold any money or other property of a person
✓ only PREC can receive remuneration from the brokerage
✓ only PREC can give remuneration to the broker/salesperson[/vc_column_text][/vc_column][/vc_row][vc_row css=".vc_custom_1602172363810{margin-top: 30px !important;}"][vc_column][vc_custom_heading text="BROKER/SALESPERSON REQUIREMENTS" font_container="tag:h1|font_size:40|text_align:center|color:%23ca0b14" use_theme_fonts="yes"][/vc_column][/vc_row][vc_row][vc_column css=".vc_custom_1602149859950{margin-top: 40px !important;}"][vc_column_text] ✓ must be employed by the brokerage
✓ must notify the RECO registrar of the PREC legal name, address for service of the PREC before the PREC receives any remuneration from a brokerage
✓ must have a written agreement between the PREC, the controlling shareholder and the brokerage regarding the use of the PREC and payment of remuneration to the PREC
✓ must have a written agreement between the PREC, the controlling shareholder and the brokerage regarding the use of the PREC and payment of remuneration to the PREC
✓ cannot receive an amount for remuneration from the PREC that is greater than the amount of remuneration given by the brokerage
✓ must notify the RECO registrar in writing of any change in circumstances that would affect the PREC’s eligibility
✓ must notify the RECO registrar in writing of any change to the information provided to the RECO registrar about the PREC within 5 days
✓ must ensure that the PREC does not engage in any activity that would otherwise require registration[/vc_column_text][/vc_column][/vc_row]