Humber Real Estate Tests Bundle Set

Real Estate and Business Brokers Act (REBBA) CORRECT ANSWER - regulates real estate trading - Ministry of Government & Consumer Services is responsible for it - RECO enforces it - provides a framework for the regulation of the profession to protect consumers & ensure integrity of interactions is ...

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 o...

Title CORRECT ANSWER Condominium owners hold ______ to their private living space (unit) and share ownership jointly of the common areas (common elements) with other owners in the condominium corporation. A legal entity that represents the collective interests of its property owners. CORRECT ANSW...

What are the 2 types of offices a brokerage can have? CORRECT ANSWER - Main brokerage office - Branch office Does every branch office require a Broker of Record? CORRECT ANSWER No. Only 1 Broker of Record is required for the main office only. Each branch office is assigned its own Branch Manag...

The relationship between two parties in which one party (the agent) accepts responsibility for representing the other party (the principal) in dealing with a third party. CORRECT ANSWER Under Ontario law, how is an 'agency relationship' defined? Client & Customer CORRECT ANSWER While common law...

Define 'Estate' CORRECT ANSWER An interest in land that contains various rights associated with ownership or tenancy. What are the 2 most common types of estates? CORRECT ANSWER Fee simple & leasehold. What type of rights would be required to build a bridge, railroad or skyscraper? CORRECT A...

Humber Real Estate - Course 1, Module 4 questions with correct answers

Industrial buildings range from warehouses that are typically 25,000 to 100,000 square feet, to a ________________________. CORRECT ANSWER 7500 acre oil refinery What 3 categories are industrial properties divided into? CORRECT ANSWER - General Purpose - Special Purpose - Single Purpose Indu...

A self-contained housing unit with one or more habitable rooms containing at minimum a kitchen, bathroom facilities and an exit from the building. CORRECT ANSWER Define a 'Dwelling Unit' - A duplex is under single ownership (under 1 title) ... the dwelling units can then be lived in or rented o...

What is a contract? CORRECT ANSWER A legally binding agreement between two or more persons, competent at law to enter into such agreement, for consideration or value, to do or refrain from doing something lawful. True or false? An oral contract for the acquisition or disposition of any interest i...

What are the 5 types of properties a buyer might consider when choosing to build a new home? CORRECT ANSWER - A vacant urban lot - An infill redevelopment opportunity - An urban lot with structure - A vacant rural lot - A rural lot with structure What is the aim of "Intensification"? CORREC...

If you are unable to address these areas satisfactorily, you may need to conduct a further review with a lawyer or other third-party experts. Note: You may be asked to provide the lawyer (or third-party experts) with a verbal or written summary of the issue to address separately with the client. ...

- Date and time of the request - Consumer's name and contact information - Applicable 10-digit phone number(s) CORRECT ANSWER 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 cal...

Step 1. Summarize the offer mathematics (use the SAD formula to calculate the balance due on closing) Step 2. Identify the required dates (offer date, irrevocable date, requisition date, closing date) Step 3. List the required information to be included on a schedule (Schedule A is part of eve...