What is one of the basic requirements of being a real estate brokerage?

To operate as a real estate brokerage, being registered to trade in real estate on behalf of others is fundamental. This registration is a legal requirement that ensures the brokerage complies with regulatory standards set by governing bodies such as the Real Estate Council of Ontario (RECO). This registration verifies that the brokerage has met necessary qualifications and adheres to ethical practices in the real estate market.

The additional requirements mentioned, such as having a physical office in multiple locations, are not universally mandated laws for all brokerages and can vary based on jurisdictional regulations. Offering free consultations and employing a specific number of agents may be business strategies but do not constitute the basic legal requirements to operate a brokerage. Thus, the requirement to be registered is crucial as it maintains professionalism and accountability in the industry.