Humber Real Estate - Course 1, Module 5 Introducing the Real Estate and Business Brokers Act (REBBA) Questions and Answers
1 view 0 purchase
Course
Humber
Institution
Humber
Humber Real Estate - Course 1, Module 5 Introducing the Real Estate and Business Brokers Act (REBBA) Questions and Answers
- Attend a listing or offer presentation in a support role with a salesperson (i.e. taking photos or measuring rooms)
- Set up listing files, complete marketing sheets, submi...
Humber Real Estate - Course 1, Module
5 Introducing the Real Estate and
Business Brokers Act (REBBA)
Questions and Answers
- Attend a listing or offer presentation in a support role with a salesperson (i.e. taking
photos or measuring rooms)
- Set up listing files, complete marketing sheets, submit listings & changes to the MLS
- Witness a seller or buyer signature
- Schedule appts for a broker / salesperson
- Draft offers based on directions of a broker / salesperson
- Provide listing info to consumers (i.e. a flyer)
- Prepare promo material or place "For Sale" or "Sold" sign on property
- Install lockboxes
- Attend open house w/broker or salesperson - answer What activities ARE permitted
without a license?
- Be active participant in listing or offer presentation
- Explain or advise seller on changes to the listing agreement
- Receive/acknowledge a notice on behalf of a seller or buyer
- Show a property to a buyer
- Negotiate an offer w/seller or buyer
- Answer questions re: the listing info on a property
- Prospecting of any kind (i.e. phone solicitation or door knocking)
- Access a property to assist a buyer or third-party professional during an inspection
- Host an open house
- Blog about the real estate market - answer What activities are NOT permitted
without a license?
- An auctioneer auctioning the property, equipment, livestock etc. of a retired farmer
- Full-time salaried employee at a new home builder's site representing the builder in
negotiations
- Lawyer settling an estate
- Financial institution disposing of a property under a mortgage default
- Property owner selling their home privately
- Property manager leasing an apartment on behalf of a landlord - answer Who is
exempt from registration to trade in real estate?
Yes, as the exemption only applies to a person who trades solely for the purpose of
arranging leases under the Residential Tenancies Act. - answer Does a person
trading in seasonal / vacation rentals and commercial leases require registration?
, When they are notified in writing that they are registered with RECO. - answer When
can a salesperson begin trading in real estate?
- Substantial unpaid debts and have not shown financial responsibility in resolving the
matter
- Unpaid judgements
- Bankruptcy
- Personal insolvency
- Past conduct (that they may not conduct business with integrity, honesty and in
accordance with the law)
- Pending criminal charges
- Whether a license or registration of any kind has been refused, suspended or revoked
- Non-disclosure or false statements - answer When there is an application for
registration or renewal of a broker's license, what might become an issue?
No.
RECO cannot refuse registration on the assumption that the applicant is considering
bankruptcy. The applicant can have the ability to rectify the situation. - answer Can
RECO refuse to grant registration if the applicant does not disclose they have
substantial debt and are considering declaring bankruptcy?
An initial screening process determines if a complaint is frivolous, outside RECO's
jurisdiction or could be resolved informally. - answer What are the first steps when
RECO receives a complaint?
Progressive discipline
1st offence - Warning
2nd offence - Warning & Course
3rd offence - Discipline hearing / potential fine of up to $25k - answer What style of
discipline does RECO use?
- Award compensation or damages to complainants
- Cancel a contract between a seller or buyer and a brokerage - answer When it
comes to discipline decisions, what does RECO NOT have the power to do?
- Acknowledgement and undertaking
- Apply voluntary conditions
- Request a meeting
- Mediate or resolve the complaint
- Issue a written warning
- Require educational courses - answer What are the procedures the Registrar of
RECO can take when handling a complaint?
- Immediate suspension (temporary suspension to protect the public)
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 Pogba119. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
