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Humber Real Estate - Course 1, Module 1 Questions and Answers (100% Pass)
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Humber Real Estate - Course 1, Module 1 Questions and Answers (100% Pass)
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©PREP4EXAMS @2024 [REAL EXAM DUMPS] Wednesday, July 17, 2024 1:27 AMHumber Real Estate - Course 1, Module 1
Questions and Answers (100% Pass)
What does REBBA stand for? - ✔️✔️The Real Estate and Business Brokers Act
Whose role is it to enforce REBBA? - ✔️✔️RECO
What is the purpose of REBBA? - ✔️✔️To 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.
What does the term 'Registrant' refer to? - ✔️✔️Any individual OR brokerage that is registered
to trade in real estate.
What is the purpose of REBBA's Code of Ethics? - ✔️✔️To 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.
What is the 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.
What are the 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)
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, ©PREP4EXAMS @2024 [REAL EXAM DUMPS] Wednesday, July 17, 2024 1:27 AM
What is the 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.
What is the 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.
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