Humber Course 1 - Exam Prep Questions and Answers
Which provincial government oversees REBBA?
Ministry of Government and Consumer Services
What does RECO do?
RECO administers and enforces REBBA on behalf of the provincial government
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Humber Course 1 - Exam Prep
Questions and Answers
Which provincial government oversees REBBA? - answer Ministry of Government
and Consumer Services
What does RECO do? - answer RECO administers and enforces REBBA on behalf
of the provincial government
What are the 3 pillars of the Code of Ethics? - answer Fairness & honesty,
conscientious & competent service and service from others.
What are RECO responsibilities? - answer -enforcing standards to obtain and
maintain registration
-establishing education standards for registration, post registration, broker & continuing
education
-establishing/administering insurance requirements (consumer deposit protection)
-addressing inquiries, concerns, complaints about conduct of brokerage, broker or
salesperson & taking appropriate actions
-conducting inspections of brokerage to ensure compliance with REBBA
-source of education for consumer protection for sellers and buyers
What's REBBA definition in trade? - answer Purchasing a business, hosting an open
house, listing presentation and explaining info about property to buyers
What's a co-operating brokerage? - answer Where a seller listed a property with a
brokerage and another brokerage assist the buyer with closing the transaction
What's a buyer's brokerage? - answer When a seller isn't working with a brokerage
(private seller) and the buyer is working with a brokerage but isn't working with the
seller's brokerage to close the transaction
What is representation? - answer Agency relationship that's been established
between two parties, which includes regulatory and fiduciary obligation
Define 'providing services'? - answer No fiduciary duties are owed but must treat
parties with fairness, honesty and integrity and ensure all information is accurate. Buyer
must sign customer service agreement
Define representation agreement? - answer Brokerage represents a seller/buyer as
a client
Seller: listing agreement
Buyer: buyer representation agreement
, REBBA requires a written copy to be provided to the parties immediately
Define customer service agreement? - answer Brokerage provides a service to a
customer
Code of Ethics requires a written agreement with seller/buyer and must be signed
Define Real Estate - answer Tangible aspect of the property (building / land)
Define Real Property - answer Includes tangible and intangible
(land/improvements/rights/can't be touched)
Rights being conveyed "bundle of rights"
Rights to enjoy, possess and sell real estate
Define personal property - answer Movable/consumer goods (furniture, lighting,
appliances and drapes)
Define fixtures - answer Unmovable (appliances) typically included in written in
agreement of p/s
Define chattel - answer Movable default not included in purchase
Define title - answer Absolute ownership of a property
Chain of title (history of ownership)
Define evidence of ownership - answer Documents that shows transfer ownership
(deed of land / transfer of land in Land Registry Office)
What is REIC and what's their purpose? - answer Real Estate Institute of Canada
and they provide advance education
-CPM Certified Property Manager
CLO Certified Commercial Leasing Officer
ARM Accredited Residential Manager
What is CCIM stand for and what's their purpose? - answer Certified Commercial
Investment Member Institute
Provides education programs for commercial and investment real estate
What are the 4 fundamental courses in CCIM? - answer Financial analysis, user
decision analysis, market analysis and investment analysis
What is SIOR? - answer Society of Industrial and Office Realtors
What are the broker of records responsibilities? - answer Actively participate in
management of brokerage
Supervision of all staff registered and non registered
Compliance w REBBA
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