EXAM: Master Set Humber Real Estate Course: 1 Questions and Answers
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Course
Humber
Institution
Humber
EXAM: Master Set Humber Real Estate
Course: 1 Questions and Answers
What does REBBA stand for? Correct Answer-Real Estate and Business
Brokers Act
Whose role is it to enforce REBBA? Correct Answer-RECO
Purpose of REBBA? Correct Answer-provide a framework for the responsive
regulation of t...
EXAM: Master Set Humber Real Estate
Course: 1 Questions and Answers
What does REBBA stand for? Correct Answer-Real Estate and Business
Brokers Act
Whose role is it to enforce REBBA? Correct Answer-RECO
Purpose of REBBA? Correct Answer-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? Correct Answer-
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' Correct Answer-Any individual OR brokerage that is registered to
trade in real estate.
Purpose of REBBA's Code of Ethics? Correct Answer-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? Correct Answer-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? Correct Answer-- Fairness and Honesty
, EXAM: Master Set Humber Real Estate
Course: 1 Questions and Answers
- Conscientious and Competent Service
- Services from Others
The Real Estate Council of Ontario (RECO) administers REBBA on behalf of who?
Correct Answer-The provincial government (Ontario)
Mission of The Real Estate Council of Ontario (RECO)? Correct Answer-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? Correct Answer-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? Correct Answer-
Registration with RECO
, EXAM: Master Set Humber Real Estate
Course: 1 Questions and Answers
What is RECO's definition of 'Trading' in real estate? Correct Answer-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? Correct Answer-Registrant
What are the 3 professional categories permitted under REBBA? Correct
Answer-Brokerage, Broker & Salesperson
Define "'Brokerage' Correct Answer-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? Correct Answer-The
brokerage (NOT the individual broker or salesperson). Under REBBA, all brokers
and salespersons are deemed employees of the brokerage.
Define 'Broker' Correct Answer-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.
, EXAM: Master Set Humber Real Estate
Course: 1 Questions and Answers
Define 'Salesperson' Correct Answer-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? Correct Answer-
Paying annual fees and additional educational requirements.
Define 'Broker of Record' Correct Answer-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? Correct Answer-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? Correct Answer-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? Correct Answer-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? Correct
Answer-1 year
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