COURSE 1 Flashcards
WHAT DOES REBBA STAND FOR?
THE REAL ESTATE BUSINESS AND BROKERS ACT
WHOSE ROLE IS IT TO ENFORCE REBBA?
RECO
WHAT IS THE PURPOSE OF REBBA?
TO REGULATE REAL ESTATE TRADING
TO PROTECT CONSUMERS AND
ENSURE THE INTEGRITY OF TRANSACTIONS
WHAT ONTARIO GOVERNMENT BODY IS RESPONSIBLE FOR REBBA ?
THE MINISRY OF GOVERNEMNT AND CONSUMER SERVICES
IT IS RECO’S ROLE TO INTERPRET, ENFORCE AND SUGGEST CHNAGES TO REBBA
WHAT DOES THE TERM “ REGISTRANT “ REFER TO?
ANY INDIVIDUAL OR BROKERAGE THAT IS REGISTERED TO TRADE IN REAL ESTATE
WHAT IS THE PURPOSE OF REBBA’S CODE OF EITHICS?
TO SET MINIMUM STANDARDS SO BUYERS AND SELLERS KNOW WHAT TO EXPECT WHEN INTERACTING WITH A REAL ESTATE PROFESSIONAL
WHAT IS THE FUNDEMENTAL OBJECTIVE OF REBBA’S CODE OF EITHCS?
TO PROTECT SELLERS AND BUYERS BY OUTLINING PROFESSIONAL AND ETHICAL STANDARDS TO BE UPHELD DURING ALL REAL ESTATE ACTIVITIES
WHAT ARE THE 3 TENANTS OF REBBA’S CODE OF ETHICS?
- FAIRNESS AND HONESTY
- CONSCIENTIOUS AND COMPETENT SERVICE
- SERVICES FROM OTHERS
THE REAL ESTATE COUNCIL OF ONTARIO (RECO) ADMINISTERS REBBA ON BEHALF OF WHO?
THE PROVINCIAL GOVERNEMNT OF ONTARIO
WHAT IS THE MISSION OF THE REAL ESTATE COUNCIL OF ONTARIO (RECO)?
TO SUPPORT A FAIR, SAFE AND INFORMED REAL ESTATE MARKET FOR CONSUMERS THROUGH THE REGULATION OF SERVICES OFFERED BY REAL ESTATE PROFESSIONALS
HOW DOES RECO WORK IN THE PUBLIC INTEREST
-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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WHAT IS REQUIRED TO TRADE IN REAL ESTATE IN ONTARIO?
REGISTRATION WITH RECO
WHAT IS RECO’S DEFINITION OF “TRADING” IN REAL ESTATE
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
WHAT IS THE GENERAL TERM USED TO REFER TO ALL BROKERAGES, BROKERS AND SALESPERSONS REGISTERED UNDER REBBA?
REGISTRANT
WHAT ARE 3 PROFESSIONAL CATEGORIES PERMITTED REBBA?
BROKERAGE, BROKER, AND SALESPERSON
DEFINE “BROKERAGE”
A CORPORATION, PARTNERSHIP OR SOLE PROPRIETORSHIP THAT TRADES IN REAL ESTATE ON BEHALF OF OTHERS FOR COMPENSATION OR REWARD
WHO REPRESENTS OR PROVIDES SERVICES TO A SELLER OR BUYER?
THE BROKERAGE
THE INDIVIDUAL BROKER OR SALESPERSON DO NOT REPRESENT THE SELLER OR BUYER - THEY ARE EMPLOYEES OF THE BROKERAGE
DEFINE “BROKER”
INDIVIDUAL WHO IS REGISTERED AS A BROKER UNDER REBBA AND EMPLOYED BY A BROKERAGE
DEFINE “SALESPERSON”
INDIVIDUAL REGISTERED AS A SALESPERSON UNDER REBBA AND EMPLOYED BY A BROKERAGE
WHAT IS REQUIRED TO MAINTAIN REGISTRATION AS A SALESPERSON?
PAYING ANNUAL FEES AND ADDITIONAL EDUCATIONAL REQUIREMNTS
DEFINE “BROKER OF RECORD”
AN INDIVIUAL WHO IS A BROKER AND IS DESIGANTED BY THE BROKERAGE TO ENSURE COMPLIANCE WITH REBA
WHAT IS THE JOB OF THE BROKER OF RECORD?
RESPONSIBLE FOR ALL ACTIVITIES OF THE BROKERAGE. INCLUDING ALL BROKERS, SALESPERSONS AND OTHER EMPLOYEES OF THE BROKERAGE TO ENSURE COMPLIANCE WITH REBBA
WHAT ARE THE 3 STEPS REQUIRED TO REGISTER WITH RECO?
1) COMPLETE EDUCATION REQUIREMENTS
2) REGISTER WITH RECO ONCE EMPLOYED BY A BROKERAGE
3) PURCHASE INSURACE COVERAGE THROUGH RECO
ONCE REGISTERED HOW LONG DO YOU HAVE TO COMPLETE THE POST EDUCATION REQUIREMENTS?
2 YEARS
