MASTER SET HUMBER REAL ESTATE COURSE: 1 UPDATED Questions and CORRECT Answers
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Course
HUMBER REAL ESTATE
Institution
HUMBER REAL ESTATE
MASTER SET HUMBER REAL ESTATE
COURSE: 1 UPDATED Questions and
CORRECT Answers
What does REBBA stand for? - Correct Answer- Real Estate and Business Brokers Act
Whose role is it to enforce REBBA? - Correct Answer- RECO
Purpose of REBBA? - Correct Answer- provide a framework for the responsive...
MASTER SET HUMBER REAL ESTATE
COURSE: 1 UPDATED Questions and
CORRECT Answers
What does REBBA stand for? - Correct Answer- Real Estate and Business Brokers Act
Whose role is it to enforce REBBA? - Correct Answer- RECO
Purpose of REBBA? - Correct Answer- provide a framework for the responsive regulation of
the real estate profession to protect consumers and ensure the integrity of real estate
transactions is upheld.
What Ontario government body is responsible for REBBA? - Correct Answer- The Ministry
of Government and Consumer Services is 'responsible' for REBBA, but it's RECO's role to
interpret, enforce and suggest changes to REBBA.
'Registrant' - Correct Answer- Any individual OR brokerage that is registered to trade in real
estate.
Purpose of REBBA's Code of Ethics? - Correct Answer- set minimum standards to help
ensure no misunderstanding or ambiguity exists in the minds of sellers and buyers about what
they should expect when interacting with a real estate professional.
Fundamental objective of REBBA's Code of Ethics? - Correct Answer- To protect sellers and
buyers by outlining professional and ethical standards to be upheld during all real estate
activities.
3 tenants of REBBA's Code of Ethics? - Correct Answer- - Fairness and Honesty
- Conscientious and Competent Service
- Services from Others
The Real Estate Council of Ontario (RECO) administers REBBA on behalf of who? - Correct
Answer- The provincial government (Ontario)
,Mission of The Real Estate Council of Ontario (RECO)? - Correct Answer- To support a fair,
safe and informed real estate market for consumers in Ontario through innovative regulation
of the services offered by those who trade in real estate.
How does RECO work in the public interest? - Correct Answer- 1. Enforcing standards to
obtain & maintain registration.
2. Establishing education standards.
3. Establishing & administering insurance requirements (including
consumer deposit protection).
4. Addressing inquiries, concerns, & complaints about the conduct of a
brokerage, broker, or salesperson and taking appropriate action.
5. Conducting inspections of brokerages to ensure compliance with REBBA and
to educate brokers of record.
6. Consumer protection education and information for sellers & buyers involved in real estate
transactions.
What is required to trade in real estate in Ontario? - Correct Answer- Registration with RECO
What is RECO's definition of 'Trading' in real estate? - Correct Answer- Trading includes any
activity, such as listing a property for sale, showing a
property to a buyer, negotiating an offer for a seller or a buyer, or any act,
advertisement or conduct that would further any purchase, sale, exchange, option, lease or
rental of a property.
General term used to refer to all brokerages, brokers & salespersons registered under
REBBA? - Correct Answer- Registrant
What are the 3 professional categories permitted under REBBA? - Correct Answer-
Brokerage, Broker & Salesperson
Define "'Brokerage' - Correct Answer- A corporation, partnership or sole proprietorship that
trades in real estate on behalf of others for compensation or reward, or expectation thereof.
,Who represents or provides services to a seller or buyer? - Correct Answer- The brokerage
(NOT the individual broker or salesperson). Under REBBA, all brokers and salespersons are
deemed employees of the brokerage.
Define 'Broker' - Correct Answer- An individual who has the prescribed qualifications to be
registered as a broker under REBBA and who is employed by a brokerage to trade in real
estate.
Define 'Salesperson' - Correct Answer- An individual with the prescribed qualifications to be
registered as a salesperson under REBBA and who is employed by a brokerage to trade in
real estate.
What is required to maintain registration as a salesperson? - Correct Answer- Paying annual
fees and additional educational requirements.
Define 'Broker of Record' - Correct Answer- An individual who is a broker and is designated
by the brokerage to ensure compliance with REBBA.
What is the job of the Broker of Record? - Correct Answer- To be responsible for all activities
of the brokerage, including all brokers, salespersons and all other employees of the brokerage
and to ensure compliance with REBBA.
What are the 3 steps required to register with RECO? - Correct Answer- 1. Complete the
registration education requirements.
2. Register with RECO once employed by a brokerage.
3. Purchase insurance coverage through the RECO Insurance Program.
Once registered, how long do you have to complete Post-Registration Education
requirements? - Correct Answer- 2 years
Once you pass the Pre-Registration exam, how long do you have to find employment with a
brokerage and apply for registration with RECO? - Correct Answer- 1 year
Before you are able to register with RECO, what documents must you submit? - Correct
Answer- 1. Completed application form with fees (application review fee, 2 year registration
fee & pro-rated insurance fee).
, 2. Criminal record check.
3. Canadian work permit (if required).
What personal circumstances might affect fitness for registration and must be disclosed when
registering with RECO? - Correct Answer- - Criminal charges & convictions
- Bankruptcy
(RECO reviews on a case-by-case basis)
What does RECO's insurance program cover? - Correct Answer- - Consumer deposit
protection
- Errors and omissions
- Commission protection
When is the annual RECO insurance premium due? - Correct Answer- Mid-August
When does the RECO insurance policy begin each year? - Correct Answer- September 1
How long does registration with RECO last before you need to renew? - Correct Answer- 2
years
Define a 'Seller's Market' - Correct Answer- Buyers outnumber available properties.
Define a 'Buyer's Market' - Correct Answer- Available properties outnumber buyers looking
to purchase.
Define a 'Balanced Market' - Correct Answer- The number of listings is sufficient for the
number of buyers.
What are the main areas of real estate you can trade in? - Correct Answer- - Residential resale
- New home sales
- Residential condominium
- Rural, recreational & agricultural sales
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