Course 1, Module 1, Lesson 1

Question 1

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

Answer 1

The Real Estate Council of Ontario (RECO)

Question 2

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

Answer 2

1. Protect consumers

2. Ensure integrity of real estate transactions

Question 3

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

Answer 3

Any brokerage or individual registered to trade in real estate

Question 4

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

Answer 4

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)

Question 5

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

Answer 5

Protect the public interest and foster confidence

Question 6

What is a Broker of Record

Answer 6

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

Question 7

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

Answer 7

The brokerage

Question 8

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

Answer 8

The listing agreement