what is personal real estate corporation

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A PersonalReal Estate Corporation (PREC) is a corporation belonging to a single real estate salesperson,associate broker,or managing broker for the purpose of benefiting from the income and tax planning potential of a corporation.

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  • What is a personal real estate corporation (PREC)?

  • The corporation is referred to as a personal real estate corporation (PREC). A PREC is a corporation that a salesperson or broker may establish that is permitted to directly receive from a brokerage remuneration that is earned by the registrant.

  • What is a personal real estate corporation in Ontario?

  • Ontario recently joined several other provinces by allowing the establishment of personal real estate corporations. What are they, and who should consider one? A personal real estate corporation, or PREC, allows a real estate agent to earn their business income through a corporation.

  • Can a corporation be a personal real estate corporation?

  • A corporation can be licensed as a personal real estate corporation if it is either a company as defined by the Business Corporations Act or an extra provincial company as defined by the Business Corporations Act.

  • What is the legal name of a real estate corporation?

  • The name of the personal real estate corporation must be the legal name or a recognized short form of the name of the licensee followed by the term ersonal real estate corporation? If you meet the licensing requirements under RESA, you can be issued a personal real estate corporation licence.

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