Humber Real Estate Exam Package Deal

Real Estate and Business Brokers Act (REBBA) - 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...

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. - Answer Under Ontario law, how is an 'agency relationship' defined? Client & Customer - Answer While common law uses the te...

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

Title - 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. - Answer What is t...

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

- 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 ...

When an offer is drafted, not signed. - Answer What is considered the 'Offer Date'? No. Even if terms are changed on a following day and the offer is re-submitted, the offer date remains the same. - Answer Does the date of an offer change? Use the full legal names, and if the individual has ...

- The effective date and expiry date of the agreement (can only be one expiry date) - The method for calculating commission or other remuneration payable to the brokerage (in the case of a seller, the amount payable) - How the commission or other remuneration will be paid - The services that the ...

Comparative Market Analysis - Answer What does CMA stand for? - The Appraisal Institute of Canada (AIC) - The Canadian National Association of Real Estate Appraisers - Answer What are the 2 organizations that designate appraisers in Canada? Canadian Residential Appraiser (CRA): - Qualified...

A sign back. - Answer A counter offer is also known as what? - Offer date - Irrevocable - Expiry of conditions - conditional date - Requisition - title search date - Completion or closing date Note: The order of these dates does not follow the order on the agreement of purchase and sale. U...

Yes, to ensure the property is protected. - Answer Is it mandatory to be present at any third-party inspections at the home? - A buyer representation agreement or a buyer customer service agreement - The accepted agreement of purchase and sale - The FINTRAC form for identification verificat...

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. ...

A 'Patent Defect' is observable by the untrained eye. A 'Latent Defect' is not readily observable to the untrained eye during the reasonable inspection of a property. - Answer What is the difference between a 'Patent Defect' and a 'Latent Defect'? A material latent defect because it po...

- Zoning - the highest and best use should conform with the zoning, unless there is a probable and imminent prospect that the zoning will change or be amended to accommodate the highest or best use estimate not currently legal - Physical possibility of the proposed use in relation to factors such...