Course 1, Module 1, Lesson 1 Flashcards

1
Q

Which Organization Enforces the Real Estate and Business Board Act (REBBA)

A

The Real Estate Council of Ontario (RECO)

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2
Q

What are the TWO intentions of the Real Estate and Business Brokers Act (REBBA)?

A
  1. Protect consumers

2. Ensure integrity of real estate transactions

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3
Q

What is consider a registrant under the Real Estate and Business Brokers Act (REBBA)?

A

Any brokerage or individual registered to trade in real estate

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4
Q

What are the THREE main aspects of the Real Estate and Business Brokers Act’s (REBBA) code of ethics

A
  1. Fairness and Honesty
  2. Conscientious and Competent
  3. Service from others (ie: be honest with what you can and can’t do and defer to third when necessary)
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5
Q

What are the TWO main roles of a salesperson according to the Real Estate Council of Ontario (RECO)?

A

Protect the public interest and foster confidence

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6
Q

What is a Broker of Record

A

A broker designated by the brokerage to ensure the brokerage remains compliant with REBBA

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7
Q

Does the seller or buyer higher the brokerage or an individual at the brokerage?

A

The brokerage

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8
Q

Name ONE document a salesperson has the right to sign on behalf of the brokerage

A

The listing agreement

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