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How to Set-Up your PREC in reZEN

  • Updated

If you have a Personal Real Estate Corporation you need to update your agent profile in our system so all reporting and tax information is added to your PREC and payments are processed correctly.

  1. Ontario
  2. Alberta
  3. British Columbia
  4. Manitoba 
  5. Saskatchewan

ONTARIO

  1. Verify your PREC meets RECO - PREC Checklist
  2. Sign your portion of the Brokerage PREC Agreement
  3. Send the following to Support. See How to Contact Real Support. 
    1. Signed PREC agreement
    2. Articles of Incorporation
  4. Once our team approves everything that has been sent, we will then send you back a fully signed copy of the PREC Agreement
  5. Once you receive a fully signed copy of the PREC agreement, you need to update your tax information in reZEN.

ALBERTA

To be paid as a corporation in Alberta, you must have documentation that shows: 

  • Name of Corporation (this must match entity name in reZEN profile)
  • You listed as a 50% or more shareholder. 

Per RECA, your documentation must be updated annually to ensure compliance.

If you incorporated in the last year, you can send:

  • Articles of Incorporation - the incorporation date must be within the past year.

If you have been operating more than one year, you must send:

Once you have the required documentation:

  1. Send documents to: Support. See How to Contact Real Support.
  2. We will review your documentation and let you know if it is approved.
  3. Once approved, you need to update your tax information in reZEN.

British Columbia

  1. CLICK HERE for the BCFSA-specific guidelines for moving a license to a PREC as well as advertising guidelines.
  2. Once approved for the change you need to update your tax information in reZEN.

Manitoba

  1. Agents need to notify MSC of the transfer of their PREC using the template available here.
  2. Complete and submit the PREC application form with a local member board, if required (WRREB or BAR)
  3. Send a copy of the Articles of Incorporation for the PREC to Support. See How to Contact Real Support.
  4.  to be kept on file with the Brokerage.
  5. Once complete, you need to update your tax information in reZEN.

Saskatchewan

If you have an existing PREC registered with SREC, there is no action needed to register your PREC. Please follow the steps below to ensure your PREC is set up with Real and you are being paid correctly.


If you are looking to open a PREC, additional information and registration instructions can be found here. 

Reminder that PREC renewals are to be completed each year in October in order to maintain registration of your permit with SREC. 

Once these steps are complete, our Onboarding team will help you add your license to your profile.

 

 

How to update reZEN with your PREC:

Step 1: Login to reZEN. If you don't see your profile, click My Dashboard on the left side. Then, click the Tax & Payout Settings tab. 

Step 2: Click Start Over next to Tax Details and Payment Methods to enter the updated information.

This will take you through our Tax and Payment Information wizard, where you can update your information.

Step 3: Start by verifying your contact information. We pulled this from your profile, but if this doesn't match your bank account, please update it. Click Next when you are done.

Step 4: Enter your bank account information. Please make sure you enter everything properly. 

  • If you want to send Revenue Share payments to a different account than your Commission Payments, you can adjust the Purpose at the bottom. 
  • Then, click + Add Another Bank and enter the information for the second account. 

 

Step 5: Enter your Tax Information. Sign at the bottom, then click Next.

That's it! You are done! 

 

 

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