[vc_row][vc_column][vc_custom_heading text="CHECKLIST FOR PERSONAL REAL ESTATE CORPORATION (PREC)" font_container="tag:h1|font_size:40|text_align:center|color:%23ca0b14" use_theme_fonts="yes"][vc_custom_heading text="PREC REQUIREMENTS" font_container="tag:h1|font_size:40|text_align:center|color:%23ca0b14" use_theme_fonts="yes" css=".vc_custom_1602225935650{margin-top: 40px !important;}"][/vc_column][/vc_row][vc_row][vc_column css=".vc_custom_1602149836665{margin-top: 40px !important;}"][vc_column_text] incorporate under the Ontario Business Corporations Act

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]