Exam (elaborations)
Humber Real Estate - Course 1, Module 2 Questions and Answers (100% Pass)
- Course
- Institution
Humber Real Estate - Course 1, Module 2 Questions and Answers (100% Pass)
[Show more]
Content preview
©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
Page 1 of 6
, ©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.
Page 2 of 6
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller OliviaWest. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
62890 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now