Course 1, Module 1, Lesson 1 Flashcards
Which Organization Enforces the Real Estate and Business Board Act (REBBA)
The Real Estate Council of Ontario (RECO)
What are the TWO intentions of the Real Estate and Business Brokers Act (REBBA)?
- Protect consumers
2. Ensure integrity of real estate transactions
What is consider a registrant under the Real Estate and Business Brokers Act (REBBA)?
Any brokerage or individual registered to trade in real estate
What are the THREE main aspects of the Real Estate and Business Brokers Act’s (REBBA) code of ethics
- Fairness and Honesty
- Conscientious and Competent
- Service from others (ie: be honest with what you can and can’t do and defer to third when necessary)
What are the TWO main roles of a salesperson according to the Real Estate Council of Ontario (RECO)?
Protect the public interest and foster confidence
What is a Broker of Record
A broker designated by the brokerage to ensure the brokerage remains compliant with REBBA
Does the seller or buyer higher the brokerage or an individual at the brokerage?
The brokerage
Name ONE document a salesperson has the right to sign on behalf of the brokerage
The listing agreement