Understanding the Limits of a Limited Licence
Holding a Limited Licence is an essential step in beginning a career in condominium management. Not only is it an “entry-level” step you need to complete to progress to a General Licence, it is also the time when you will gain valuable work experience under the supervision of a more experienced condominium management professional.
Under regulation, Limited Licensees must abide by a number of conditions that, if breached, can result in disciplinary actions that could potentially include licence revocation.
Conditions of a Limited Licence
Except in emergency situations, Limited Licensees cannot do the following without prior approval of the supervising General Licensee:
- Approve expenditures of over $500 of the corporation’s money, not including reserve funds
- Enter into, extend, renew, or terminate contracts or other agreements on behalf of a client
As outlined in legislation, Limited Licences need prior approval from the supervising General Licensee to provide anything (for example, notices) that the condominium corporation is required to provide to condo owners or mortgagees under the Condominium Act, 1998.
Limited Licensees are also prohibited from:
- Signing status certificates
- Making expenditures out of investing or otherwise making dispositions of a condo corporation’s reserve fund
- Working for more than one condo management provider unless they have approval from the CMRAO Registrar and consent from all the condominium management businesses providing employment
These conditions for Limited Licensees exist to protect the integrity of the profession, safeguard the condo corporation’s finances, and protect the public interest.