Become a REALTOR®

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Start-Up Costs


The following is a brief summary of the start-up costs associated with a career in real estate. For more information, new or potential REALTORS® should consult:

• The Newfoundland and Labrador Association of REALTORS® (NLAR) 
• ServiceNL – Licensing Division (http://www.servicenl.gov.nl.ca/real_estate/index.html)
• Contacting a real estate brokerage may also be beneficial to those who wish to learn more about the industry

 

Provincial Fees
The following fees are payable directly to the organizations noted.

 

Education/Licensing Organization Fee
Pre-Licence Course Registration (non-refundable, non-transferable) NL Association of REALTORS® $1,500
Surety Bond Any insurance company ~ $150
Licence fee Service NL – Licensing Department         $100
Total (Education/Licensing)   ~ $1,750


 

Real Estate Association Fees
Upon successfully passing the pre-licence program and attaining their licence, individuals would then be permitted to join the provincial real estate Association. Fees are payable directly to the Newfoundland and Labrador Association of REALTORS® (NLAR). Fees to join NLAR fluctuate slightly according to the time of year someone joins. However, an approximate overview of the fees would include:

 

Start–Up Fee Description Organization Fee
NLAR Entrance fee NLAR $565.00
NLAR Quarterly fee NLAR ~$65.54
CREA* Entrance fee CREA $226.00
CREA Quarterly fee CREA ~$350.30
Errors and Omissions Initiation Fee REIA $100.00
Errors and Omissions Insurance REIA ~$360.14
Total (start-up)   ~$1667.00

 

* CREA - The Canadian Real Estate Association
** REIA - The Real Estate Insurance Association

 

Other Possible Expenses
The following may also apply:
• Mobile or smart phone
• Mobile phone active key deposit and key FOB
• Computer and printer
• Contact management software
• Website, business cards and other promotional materials
• Business automobile and insurance
• Business attire
• Desk and transaction fees
• Criminal record check (for licence application)