Humber Real Estate

The side of the street that abuts or borders a public street or highway - except for waterfront properties which is considered the side that border the body of water. Define 'Frontage' The distance between the front and the rear lot lines. Define 'Lot Depth' The distance between the two side lot lines. Define 'Lot Width' The overall area of the lot. It can be stated in either square feet, square meters, hectares or acres. Define 'Lot Size' That which is wi...

- 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 brokerage will provide under the agreement What 4 things must be specified on both representation and customer service agreements? The expiry date If the term of a representation or customer ...

Industrial buildings range from warehouses that are typically 25,000 to 100,000 square feet, to a ________________________. 7500 acre oil refinery What 3 categories are industrial properties divided into? - General Purpose - Special Purpose - Single Purpose Industrial properties are typically constructed with ____________________________, or a combination. Concrete block, poured concrete, steel Block buildings, often with _________ facing on the front and two sides, are...

Humber Real Estate - Course 1, Module 4| 94 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 lockbox...

Define 'Estate' An interest in land that contains various rights associated with ownership or tenancy. What are the 2 most common types of estates? Fee simple & leasehold. What type of rights would be required to build a bridge, railroad or skyscraper? Air rights What type of rights would be required to build on a parcel of land? Surface (or ground level) rights What type of rights manage the property owner's access to and use water, and are often encountered i...

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. Under Ontario law, how is an 'agency relationship' defined? Client & Customer While common law uses the terms 'Principal' and 'Third Party', what terms does REBBA use instead? The Common Law of Agency The underlying relationship of the brokerage, salesperson, seller and buyer is based on what? Some...

What are the 2 types of offices a brokerage can have? - Main brokerage office - Branch office Does every branch office require a Broker of Record? No. Only 1 Broker of Record is required for the main office only. Each branch office is assigned its own Branch Manager to provide supervision, compliance with REBBA & handle all record management. When a brokerage has a property for sale, what is the brokerage identified as? The listing brokerage When a brokerage is working ...

Title 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. What is the definition of a 'Condominium Corporation'? The condominium board Who establishes the rules and bylaws in a condominium? To secure the assets of the corporation and ensure residents live harmon...

Real Estate and Business Brokers Act (REBBA) - 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 REBBA Code of Ethics - objective is to protect sellers & buyers by outlining standards to be upheld during all real estate activities - Fairness & Honesty - Conscientious & Competent Service - Ser...