EXAM:Humber Real Estate Course 1: Modules 1-3 Questions & Answers
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Course
Humber
Institution
Humber
EXAM:Humber Real Estate Course 1:
Modules 1-3 Questions & Answers
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 th...
EXAM: Humber Real Estate Course 1:
Modules 1-3 Questions & Answers
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 upheld
REBBA Code of Ethics Correct Answer-- objective is to protect sellers &
buyers by outlining standards to be upheld during all real estate activities
- Fairness & Honesty
- Conscientious & Competent Service
- Services From Others
Code of Ethics: Services From Others Correct Answer-must advise a
seller/buyer to obtain services from another person if the registrant isn't able to
provide the services
listing brokerage Correct Answer-when a brokerage has a property listed for
sale
co-operating brokerage Correct Answer-A brokerage (typically representing
the buyer) who is cooperating with a listing brokerage in a real estate trade.
buyer's brokerage Correct Answer-The term used to refer to the buyer's
brokerage when the seller doesn't have their property listed for sale with a
brokerage (privately selling their home).
, EXAM: Humber Real Estate Course 1:
Modules 1-3 Questions & Answers
lessor Correct Answer-the one who grants the lease, the landlord
lessee Correct Answer-the tenant
representation relationship Correct Answer-- the party is a client
- an agency relationship has been established between the 2 parties
- both regulatory (REBBA) & fiduciary obligations on the brokerage
fiduciary obligatons Correct Answer-brokerage is required to:
- be loyal
- not disclose confidential information
- promote & protect the seller/buyer's best interests
providing services relationship Correct Answer-- the party is a customer who
is receiving services from a brokerage (e.g., get info on a house for sale but
represent themselves)
- brokerage must treat party with fairness, honesty, and ensure any info
provided is accurate
- no fiduciary obligations
representation agreement Correct Answer-used when a brokerage
represents a seller (listing agreement) or buyer (buyer representation
agreement) as a client
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