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COURSE 1 > COURSE 1 > Flashcards

COURSE 1 Flashcards

1
Q

WHAT DOES REBBA STAND FOR?

A

THE REAL ESTATE BUSINESS AND BROKERS ACT

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2
Q

WHOSE ROLE IS IT TO ENFORCE REBBA?

A

RECO

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3
Q

WHAT IS THE PURPOSE OF REBBA?

A

TO REGULATE REAL ESTATE TRADING

TO PROTECT CONSUMERS AND

ENSURE THE INTEGRITY OF TRANSACTIONS

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4
Q

WHAT ONTARIO GOVERNMENT BODY IS RESPONSIBLE FOR REBBA ?

A

THE MINISRY OF GOVERNEMNT AND CONSUMER SERVICES

IT IS RECO’S ROLE TO INTERPRET, ENFORCE AND SUGGEST CHNAGES TO REBBA

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5
Q

WHAT DOES THE TERM “ REGISTRANT “ REFER TO?

A

ANY INDIVIDUAL OR BROKERAGE THAT IS REGISTERED TO TRADE IN REAL ESTATE

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6
Q

WHAT IS THE PURPOSE OF REBBA’S CODE OF EITHICS?

A

TO SET MINIMUM STANDARDS SO BUYERS AND SELLERS KNOW WHAT TO EXPECT WHEN INTERACTING WITH A REAL ESTATE PROFESSIONAL

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7
Q

WHAT IS THE FUNDEMENTAL OBJECTIVE OF REBBA’S CODE OF EITHCS?

A

TO PROTECT SELLERS AND BUYERS BY OUTLINING PROFESSIONAL AND ETHICAL STANDARDS TO BE UPHELD DURING ALL REAL ESTATE ACTIVITIES

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8
Q

WHAT ARE THE 3 TENANTS OF REBBA’S CODE OF ETHICS?

A
  • FAIRNESS AND HONESTY
  • CONSCIENTIOUS AND COMPETENT SERVICE
  • SERVICES FROM OTHERS
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9
Q

THE REAL ESTATE COUNCIL OF ONTARIO (RECO) ADMINISTERS REBBA ON BEHALF OF WHO?

A

THE PROVINCIAL GOVERNEMNT OF ONTARIO

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10
Q

WHAT IS THE MISSION OF THE REAL ESTATE COUNCIL OF ONTARIO (RECO)?

A

TO SUPPORT A FAIR, SAFE AND INFORMED REAL ESTATE MARKET FOR CONSUMERS THROUGH THE REGULATION OF SERVICES OFFERED BY REAL ESTATE PROFESSIONALS

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11
Q

HOW DOES RECO WORK IN THE PUBLIC INTEREST

A

-ENFORCING STANDARDS TO OBATAIN AND MAINTAIN REGISTRATION
-EDUCATION STANDARDS
-INSURANCE REQUIREMENTS
-ADRESSING INQUIRIES CONCERNS AND COMPLAINTS REGARDING A REGISTRANT
-BROKERAGE INSPECTIONS TO ENSURE COMPLIANCE WITH REBBA
-CONSUMER PROTECTION EDUCATION FOR SELLERS AND BUYERS
-

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12
Q

WHAT IS REQUIRED TO TRADE IN REAL ESTATE IN ONTARIO?

A

REGISTRATION WITH RECO

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13
Q

WHAT IS RECO’S DEFINITION OF “TRADING” IN REAL ESTATE

A

ANY ACT OR CONDUCT THAT WOULD FURTHER ANY PURCHASE SALE, EXCHANGE, LEASE OR RENTAL OF A PROPERTY

ANY ACTIVITY SUCH AS;
LISTING A PROPERTY FOR SALE
SHOWING A PROPERTY TO A BUYER
NEGOTIATING AN OFFER FOR A SELLER OR BUYER

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14
Q

WHAT IS THE GENERAL TERM USED TO REFER TO ALL BROKERAGES, BROKERS AND SALESPERSONS REGISTERED UNDER REBBA?

A

REGISTRANT

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15
Q

WHAT ARE 3 PROFESSIONAL CATEGORIES PERMITTED REBBA?

A

BROKERAGE, BROKER, AND SALESPERSON

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16
Q

DEFINE “BROKERAGE”

A

A CORPORATION, PARTNERSHIP OR SOLE PROPRIETORSHIP THAT TRADES IN REAL ESTATE ON BEHALF OF OTHERS FOR COMPENSATION OR REWARD

17
Q

WHO REPRESENTS OR PROVIDES SERVICES TO A SELLER OR BUYER?

A

THE BROKERAGE

THE INDIVIDUAL BROKER OR SALESPERSON DO NOT REPRESENT THE SELLER OR BUYER - THEY ARE EMPLOYEES OF THE BROKERAGE

18
Q

DEFINE “BROKER”

A

INDIVIDUAL WHO IS REGISTERED AS A BROKER UNDER REBBA AND EMPLOYED BY A BROKERAGE

19
Q

DEFINE “SALESPERSON”

A

INDIVIDUAL REGISTERED AS A SALESPERSON UNDER REBBA AND EMPLOYED BY A BROKERAGE

20
Q

WHAT IS REQUIRED TO MAINTAIN REGISTRATION AS A SALESPERSON?

A

PAYING ANNUAL FEES AND ADDITIONAL EDUCATIONAL REQUIREMNTS

21
Q

DEFINE “BROKER OF RECORD”

A

AN INDIVIUAL WHO IS A BROKER AND IS DESIGANTED BY THE BROKERAGE TO ENSURE COMPLIANCE WITH REBA

22
Q

WHAT IS THE JOB OF THE BROKER OF RECORD?

A

RESPONSIBLE FOR ALL ACTIVITIES OF THE BROKERAGE. INCLUDING ALL BROKERS, SALESPERSONS AND OTHER EMPLOYEES OF THE BROKERAGE TO ENSURE COMPLIANCE WITH REBBA

23
Q

WHAT ARE THE 3 STEPS REQUIRED TO REGISTER WITH RECO?

A

1) COMPLETE EDUCATION REQUIREMENTS
2) REGISTER WITH RECO ONCE EMPLOYED BY A BROKERAGE
3) PURCHASE INSURACE COVERAGE THROUGH RECO

24
Q

ONCE REGISTERED HOW LONG DO YOU HAVE TO COMPLETE THE POST EDUCATION REQUIREMENTS?

A

2 YEARS

25
Q

AFTER YOU PASS THE PRE-REGISTRATION EXAM HOW LONG DO YOU HAVE TO FIND EMPLOYMENT WITH A BROKERAGE AND APPLY FOR REGISTRATION WITH RECO?

A

1 YEAR

26
Q

BEFORE YOU ARE ABLE TO REGISTER WITH RECO WHAT DOCUMENTS MUST YOU SUBMIT?

A

COMPLETED APPLICATION FORM WITH FEES (APPLICATION REVIEW FEE, 2 YEAR REGISTRATION FEE AND PRO RATED INSURANCE FEE)

CRIMINAL RECORD CHECK

CANADIAN WORK PERMIT IF REQUIRED

27
Q

WHAT PERSONAL CIRCUMSTANCES MIGHT AFFECT FITNESS FOR REGISTRATION AND MUST BE DISCLOSED WHEN REGISTERING WITH RECO?

A

CRIMINAL CHARGES / CONVICTIONS

BANKRUPTCY

28
Q

WHAT DOES RECOS INSURANCE PROGRAM COVER?

A

CONSUMER DEPOSIT PROTECTION

ERRORS AND OMISSIONS

COMISSION PROTECTION

29
Q

WHEN IS THE ANNUAL RECO INSURANCE PREMIUM DUE?

A

MID AUGUST

30
Q

WHEN DOES THE RECO INSURANCE POLICY BEGIN EACH YEAR?

A

SEPT 1

31
Q

HOW LONG DOES REGISTRATION WITH RECO LAST BEFORE YOU NEED TO RENEW?

A

2 YEARS

32
Q

DEFINE “SELLLERS MARKET”

A

BUYERS OUTNUMBER AVAILABLE PROPERTIES

33
Q

DEFINE A “BUYERS MARKET”

A

AVAILABLE PROPERTIES OUTNUMBER BUYERS LOOKING TO PURCHASE

34
Q

DEFINE “BALANCED MARKET”

A

THE NUMBER OF LISTINGS IS SUFFICIENT FOR THE NUMBER OF BUYERS

35
Q

WHAT ARE THE MAIN ARES OF REAL ESTATE YOU CAN TRADE IN?

A

RESIDENTIAL RESALE

NEW HOMES / PRECONSTRUCTION

RESIDENTIAL CONDOMINIUM

RURAL, RECREATIONAL AND AGRICULTURAL

COMMERCIAL

LEASING

36
Q

WHAT TYPE OF KNOWLEDGE WILL BE MOST HELPFUL IN THE SALE OF RECREATIONAL PROPERTIES NEAR WATER?

A

UNIQUE ZONING REQUIREMENTS (WATERFRONT)
THE ABILITY TO CONTRUCT IMPROVEMNTS BY THE WATER
ANY OTHER RESTRICTIONS IMPOSED MY LOCAL, PROVINCIAL OR FEDERAL REGULATIONS

37
Q

WHAT TYPE OF KNOWLEDGE WILL BE MOST HELPFUL IN THE SALE OF RURAL PROPERTIES

A

AVAILABLE SERVICES

WELLS AND SEPTIC SYSTEMS

38
Q

WHAT TYPE OF KNOWLEDGE WOULD BE MOST HELPFUL IN THE SALE OF FARMS?

A

HIGHEST AND BEST USE OF LAND

HOW OFFICIAL PLANS AND ZONING BYLAWS IMPACT PROPERTY USE

ACCESSIBILITY TO PROPERTY

39
Q

WHAT ARE THE TYPES OF COMMISSION SHARING METHODS

A

YEARLY PLAN WITH INCREASING PERCENTAGE TO SALESPERSON

ANNUAL PERCENTAGE - HIGHER SHARE TO SALESPERSON BUT BROKEAGE WILL REQUIRE LARGER CONTRIBUTION FOR EXPENSES

ANUAL PERCENTAGE - HIGHER SHARE TO SALESPERSON BUT BROKERAGE WILL REQUIRE MONTHLY DESK FEE

COURSE 1 (1 decks)

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