MASTER SET HUMBER REAL ESTATE COURSE: 1 Latest Update 2023 with complete solution
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MASTER SET HUMBER REAL ESTATE COURSE: 1 Latest Update 2023 with complete solution
What does REBBA stand for?
Real Estate and Business Brokers Act
Whose role is it to enforce REBBA?
RECO
Purpose of REBBA?
provide a framework for the responsive regulation of the real estate profession to prot...
MASTER SET HUMBER REAL ESTATE COURSE: 1
Latest Update 2023 with complete solution
What does REBBA stand for?
Real Estate and Business Brokers Act
Whose role is it to enforce REBBA?
RECO
Purpose of REBBA?
provide a framework for the responsive regulation of the real estate profession to
protect consumers and ensure the integrity of real estate transactions is upheld.
What Ontario government body is responsible for REBBA?
The Ministry of Government and Consumer Services is 'responsible' for REBBA, but it's
RECO's role to interpret, enforce and suggest changes to REBBA.
'Registrant'
Any individual OR brokerage that is registered to trade in real estate.
Purpose of REBBA's Code of Ethics?
set minimum standards to help ensure no misunderstanding or ambiguity exists in the
minds of sellers and buyers about what they should expect when interacting with a real
estate professional.
Fundamental objective of REBBA's Code of Ethics?
To protect sellers and buyers by outlining professional and ethical standards to be
upheld during all real estate activities.
3 tenants of REBBA's Code of Ethics?
- Fairness and Honesty
- Conscientious and Competent Service
- Services from Others
The Real Estate Council of Ontario (RECO) administers REBBA on behalf of who?
The provincial government (Ontario)
Mission of The Real Estate Council of Ontario (RECO)?
To support a fair, safe and informed real estate market for consumers in Ontario
through innovative regulation of the services offered by those who trade in real estate.
How does RECO work in the public interest?
1. Enforcing standards to obtain & maintain registration.
2. Establishing education standards.
3. Establishing & administering insurance requirements (including
consumer deposit protection).
4. Addressing inquiries, concerns, & complaints about the conduct of a
brokerage, broker, or salesperson and taking appropriate action.
5. Conducting inspections of brokerages to ensure compliance with REBBA and
to educate brokers of record.
6. Consumer protection education and information for sellers & buyers involved in real
estate transactions.
What is required to trade in real estate in Ontario?
Registration with RECO
What is RECO's definition of 'Trading' in real estate?
,Trading includes any activity, such as listing a property for sale, showing a
property to a buyer, negotiating an offer for a seller or a buyer, or any act,
advertisement or conduct that would further any purchase, sale, exchange, option,
lease or rental of a property.
General term used to refer to all brokerages, brokers & salespersons registered
under REBBA?
Registrant
What are the 3 professional categories permitted under REBBA?
Brokerage, Broker & Salesperson
Define "'Brokerage'
A corporation, partnership or sole proprietorship that trades in real estate on behalf of
others for compensation or reward, or expectation thereof.
Who represents or provides services to a seller or buyer?
The brokerage (NOT the individual broker or salesperson). Under REBBA, all brokers
and salespersons are deemed employees of the brokerage.
Define 'Broker'
An individual who has the prescribed qualifications to be registered as a broker under
REBBA and who is employed by a brokerage to trade in real estate.
Define 'Salesperson'
An individual with the prescribed qualifications to be registered as a salesperson under
REBBA and who is employed by a brokerage to trade in real estate.
What is required to maintain registration as a salesperson?
Paying annual fees and additional educational requirements.
Define 'Broker of Record'
An individual who is a broker and is designated by the brokerage to ensure compliance
with REBBA.
What is the job of the Broker of Record?
To be responsible for all activities of the brokerage, including all brokers, salespersons
and all other employees of the brokerage and to ensure compliance with REBBA.
What are the 3 steps required to register with RECO?
1. Complete the registration education requirements.
2. Register with RECO once employed by a brokerage.
3. Purchase insurance coverage through the RECO Insurance Program.
Once registered, how long do you have to complete Post-Registration Education
requirements?
2 years
Once you pass the Pre-Registration exam, how long do you have to find
employment with a brokerage and apply for registration with RECO?
1 year
Before you are able to register with RECO, what documents must you submit?
1. Completed application form with fees (application review fee, 2 year registration fee &
pro-rated insurance fee).
2. Criminal record check.
3. Canadian work permit (if required).
What personal circumstances might affect fitness for registration and must be
disclosed when registering with RECO?
,- Criminal charges & convictions
- Bankruptcy
(RECO reviews on a case-by-case basis)
What does RECO's insurance program cover?
- Consumer deposit protection
- Errors and omissions
- Commission protection
When is the annual RECO insurance premium due?
Mid-August
When does the RECO insurance policy begin each year?
September 1
How long does registration with RECO last before you need to renew?
2 years
Define a 'Seller's Market'
Buyers outnumber available properties.
Define a 'Buyer's Market'
Available properties outnumber buyers looking to purchase.
Define a 'Balanced Market'
The number of listings is sufficient for the number of buyers.
What are the main areas of real estate you can trade in?
- Residential resale
- New home sales
- Residential condominium
- Rural, recreational & agricultural sales
- Commercial
- Leasing (commercial or residential)
What type of knowledge will be most helpful in the sale of rural properties?
- Available services
- Wells & septic systems
What type of knowledge will be most helpful in the sale of recreational properties
near water (i.e. cottages)?
- Unique zoning requirements (waterfront)
- The ability to construct improvements along the water
- Any other restrictions imposed by local, provincial or federal regulations
What type of knowledge will be most helpful in the sale of farms?
- Highest and best use of the land
- How official plans & zoning bylaws impact property use
- Accessibility to the property
- Specialized marketing techniques
What factors can impact your earnings as a salesperson?
- Market conditions (local, national & international)
- Time of year (winter is slower)
- The type of market (Buyer's, Seller's or Balanced)
What are the types of commission sharing methods?
- Yearly plan with increasing percentage share to the salesperson as higher levels of
production are achieved
, - Annual percentage based on a higher share being paid to the salesperson, but the
brokerage will require a larger contribution towards specified expenses
- Annual percentage based on a higher share being paid to the salesperson, but the
brokerage will require a monthly desk fee (paid whether or not there is commission each
month)
A brokerage, as a telemarketer, must register with the National Do Not Call List
(DNCL) but also maintain an internal do not call list. What should the internal do
not call list contain?
- Date and time of the request
- Consumer's name and contact information
- Applicable 10-digit phone number(s)
How long must numbers recorded on the internal Do Not Call List be kept?
A minimum of 3 years
In what situations can an exception be made to the DNCL?
If the person ...
- Made an inquiry within the last six months
- Purchased, leased or rented a property through the brokerage in the past 18 months
- Had a written agreement with the brokerage (i.e. a representation agreement that is
still in effect or expired within the past 18 months)
Before calling someone, should you reference the National Do Not Call List or the
Internal Do Not Call List?
Both
If someone doesn't want to be called anymore, should you add them to the
National Do Not Call List?
No. It's not a salesperson's responsibility. Add them instead to the Internal DNCL.
What is the goal of Canada's Anti-Spam Legislation (CASL)?
To help create a safer and more secure online environment by setting requirements for
sending commercial electronic messages (CEMs).
What is the definition of a 'Commercial Electronic Message'?
Any electronic message that encourages participation in a commercial activity
regardless of whether there is an expectation of profit.
Do direct messages sent to people via social media count as CEMs?
Yes
What does the Canadian Anti-Spam Legislation (CASL) not apply to?
- Social media feeds (i.e. Twitter & Facebook wall posts)
- Websites / blogs
- Two-way voice communication between individuals
- Faxes and voice recordings sent to a telephone account (however salespersons
should be aware of names on the National DNCL)
What are the requirements to sending a Commercial Email Message (CEM)?
- Obtain consent from the recipient
- Identify yourself (full contact details including address)
- Provide a means for the recipient to withdraw consent
What is 'Express Consent' when referring to CEMs?
The recipient has opted in through an online or physical sign-up form (such as a
newsletter, by phone, at the point of purchase or by responding to a contest).
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