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Humber Real Estate - Course 2, Module 1, Explaining Services Available to a Seller or Buyer Questions and Correct Answers (100% Pass) CA$19.40   Add to cart
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Humber Real Estate - Course 2, Module 1, Explaining Services Available to a Seller or Buyer Questions and Correct Answers (100% Pass)
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Humber Real Estate - Course 2, Module 1, Explaining Services Available to a Seller or Buyer Questions and Correct Answers (100% Pass)

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Document information

  • November 2, 2024
  • 34
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • humber real estate course 2 module 1
  • under ontario law how is an agency relationship
  • while common law uses the terms principal and t
  • the underlying relationship of the brokerage sale

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  • Humber Real Estate
  • Humber Real Estate

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1|Page | © copyright 2024/2025 | Grade A+




Humber Real Estate - Course 2,
Module 1, Explaining Services
Available to a Seller or Buyer
Questions and Correct Answers
(100% Pass)
Under Ontario law, how is an 'agency relationship' defined?


✓ 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.




While common law uses the terms 'Principal' and 'Third Party', what terms

does REBBA use instead?


✓ Client & Customer




The underlying relationship of the brokerage, salesperson, seller and buyer is

based on what?


✓ The Common Law of Agency




In relation to a contract, how is a third party defined?




Master01 | October, 2024/2025 | Latest update

, 1|Page | © copyright 2024/2025 | Grade A+

✓ Someone who is not directly connected with a legal transaction but

may be affected by it, OR supporting one of the people involved, i.e.

lawyer, home inspector, etc.




Under REBBA, what is the equivalent for the legislative term for "agency"?


✓ Representation




In a real estate transaction, who is the 'Agent'?


✓ The brokerage




In a real estate transaction, who is usually the 'Principal'?


✓ A seller or buyer




Agency is also known as ...


✓ Representation




A Listing (Seller Agency) Agreement / Buyer Agency Agreement is also

known as ...


✓ Representation Agreement




Agreement of Purchase and Sale is also know as ...

Master01 | October, 2024/2025 | Latest update

, 1|Page | © copyright 2024/2025 | Grade A+

✓ Agreement (Conveyance of Interest in Real Estate)




Dual Agency is also known as ...


✓ Multiple Representation




Present Offer is also known as ...


✓ Convey Offer




Purchase / Sale by Registrant


✓ Acquisition / Divestiture by Registrant




Who are the 'Parties' to a real estate transaction?


✓ The seller and buyer




What type of relationship does a salesperson have with their brokerage from

a legal perspective?


✓ Employee / Employer relationship with authorization to trade on behalf

of their respective brokerages.




Master01 | October, 2024/2025 | Latest update

, 1|Page | © copyright 2024/2025 | Grade A+

Once an agency relationship is established between a brokerage and a

client, does the agreement apply to all brokers & salespersons employed by

the brokerage?


✓ Yes. Everyone must protect the client's best interests.




Define 'Brokerage' according to REBBA


✓ The agent who is authorized to trade in real estate on behalf of others.




Principal is also known as ...


✓ Client




What is a 'Principal'?


✓ Someone who authorizes an agent to act on their behalf in an agency

relationship, and provides information and lawful instructions to the

agent regarding the transaction.




When a brokerage represents a seller when listing a property, who is the

'Principal'?


✓ The seller




Master01 | October, 2024/2025 | Latest update

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