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Humber Real Estate - Course 1, Module 2 Questions and Answers (100% Pass)
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Humber Real Estate - Course 1, Module 2 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 2
Questions and Answers (100% Pass)
What are the 2 types of offices a brokerage can have? - ✔️✔️- Main brokerage office
- Branch office
Does every branch office require a Broker of Record? - ✔️✔️No.
Only 1 Broker of Record is required for the main office only. Each branch office is assigned
its own Branch Manager to provide supervision, compliance with REBBA & handle all
record management.
When a brokerage has a property for sale, what is the brokerage identified as? - ✔️✔️The
listing brokerage
When a brokerage is working with a buyer, what is the brokerage identified as? - ✔️✔️The co-
operating brokerage
OR
The buyer's brokerage (when it's a private sale, because the buyer's is the only brokerage
listed in the agreement as the seller doesn't have one)
The term 'Seller' (used by REBBA) is synonymous with the term '__________' which may be
used in other legislation. - ✔️✔️Vendor
What word, under REBBA, is used to reference the selling aspect of a real estate transaction?
- ✔️✔️Divestiture
The term 'Buyer' (used by REBBA) is synonymous with the term '__________' which may
be used in other legislation. - ✔️✔️Purchaser
What word, under REBBA, is used to reference the purchasing aspect of a real estate
transaction? - ✔️✔️Acquisition
What is another term for 'Landlord'? - ✔️✔️Lessor
What is another term for 'Tenant'? - ✔️✔️Lessee
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, ©PREP4EXAMS @2024 [REAL EXAM DUMPS] Wednesday, July 17, 2024 1:27 AM
What is the definition of a 'Landlord'? - ✔️✔️A person or other entity (i.e. a corporation) that
owns a property that is leased to another person, rather than being occupied by the owner.
Describe a client relationship in reference to a brokerage. - ✔️✔️The term representation
implies an agency relationship with the brokerage and this places both regulatory (REBBA)
& fiduciary obligation on the brokerage. The brokerage is required to be loyal, not disclose
confidential information and promote & protect the seller or buyer's best interests.
Describe a customer relationship in reference to a brokerage. - ✔️✔️A brokerage can provide
services to a seller or buyer rather than representing the party. This doesn't require the same
level of obligation as a client relationship.
A brokerage must treat the customer with fairness, honesty & integrity and ensure
information provided is accurate.
BUT ... No fiduciary obligations are owed when providing services (such as loyalty,
confidentiality or promoting their best interests).
What is the name of the agreement when a brokerage represents a buyer or seller? -
✔️✔️Representation Agreement (AKA listing agreement or buyer agreement)
What is the name of the agreement when a brokerage provides services to a customer? -
✔️✔️Customer Service Agreement (which is non-exclusive)
What type of agreement is used to negotiate the terms of a sale between a buyer and seller? -
✔️✔️Agreement of Purchase and Sale
In what ways can a commission be negotiated? - ✔️✔️- A percentage of the sale or lease amt
(i.e. 4% of the sale price)
- An agreed upon amount (i.e. $10k)
- A combination (i.e. 2.5% of the sale price + $5k)
In what document is the agreed-to commission typically described (if a separate commission
agreement document is NOT used? - ✔️✔️Representation Agreement (AKA listing agreement
or buyer agreement)
What is the definition of 'Real Property'? - ✔️✔️Both the tangible aspects (the real estate) and
the intangible (the rights) of the property.
What is the definition of 'Real Estate'? - ✔️✔️Solely the tangible aspects of a property.
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