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Real Estate at Humber - Course 1 > Lesson 1 > Flashcards

Lesson 1 Flashcards

1
Q

What does REBBA stand for?

A

The Real Estate and Business Brokers Act

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2
Q

Who enforces REBBA?

A

RECO

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3
Q

What does RECO stand for?

A

Real Estate Council of Ontario

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4
Q

Who regulates Real Estate trading?

A

REBBA

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5
Q

In Ontario, who is responsible for REBBA?

A

The Ministry of Government and Consumer Services

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6
Q

Under REBBA, what does the word ‘registrant’ mean?

A

A registered brokerage, broker or salesperson

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7
Q

What does the Code of Ethics do?

A

Sets requirements for acceptable conduct by a brokerage, broker and salesperson when conducting business

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8
Q

Why does the Code set minimum standards?

A

To ensure there is no misunderstanding or ambiguity in the minds of sellers and buyers when working with a Real Estate professional

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9
Q

What is the fundamental objective of the Code?

A

To protect Sellers and Buyers by outlining professional and ethical standards to be upheld during all Real Estate activities.

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10
Q

Name three examples of obligations under the Code

A
  • Fairness and Honesty.
  • Conscientious and Competent Service.
  • Services from Others
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11
Q

What should a registrant do if they cannot provide services with reasonable knowledge, skill, judgement, and/or competence?

A

Advise the Buyer or Seller to obtain services from another person

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12
Q

Who ensures that the regulation of trading in real estate builds and maintains public trust?

A

RECO (The Real Estate Council of Ontario)

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13
Q

Who must Brokerages, Individual Brokers, and Salespeople be registered with prior to trading?

A

RECO (The Real Estate Council of Ontario)

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14
Q

Why must Brokerages, Individual Brokers, and Salespeople be registered with RECO?

A

To ensure activities adhere to consistent standards

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15
Q

What is the reason for RECO’s standards?

A

To help build and sustain public trust and to create a solid foundation for the profession’s success

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16
Q

What does RECO’s mission support?

A

A fair, safe, and informed real estate market.

17
Q

Whose role is to interpret, enforce and suggest changes to REBBA?

A

RECO.

The Ministry of Govt and Consumer Services is responsible for REBBA but this is RECO’s role

18
Q

What is the key to understanding why Real Estate is regulated?

A

Consumer protection

19
Q

How does RECO work in the public’s interest? (6 corect answers)

A
  • Enforces standards to obtain and maintain registration
  • Establishes education standards for registration, post-registration, broker education, and continuing education
  • Establishes and administers insurance requirements including consumer deposit protection
  • Addressing inquiries, concerns and complaints about the conduct of a brokerage, broker or salesperson
  • Conducting inspections of brokerages to ensure REBBA compliance and to educate brokers of record
  • Being the source of consumer protection education and info for sellers and buyers
20
Q

What are the three types of a brokerage?

A
  • Corporation
  • Partnership
  • Sole Proprietorship
21
Q

What is the definition of a brokerage?

A

A corporation, partnership or sole proprietorship that trades in real estate on behalf of others for compensation, reward or expectation thereof

22
Q

Who represents the Buyer or Seller re: a trade in real estate?

A

The brokerage.

Not the individual broker or salesperson.

23
Q

Under REBBA, all brokers and salespersons are deemed what?

A

Employees of the brokerage

24
Q

What must registrants do within the first 2 years of registration?

A

Complete additional education requirements

25
Q

What qualifies someone to be a salesperson?

A

Successful completion of the Real Estate Salesperson program

26
Q

In a sole proprietorship, who is the Broker of Record?

A

The Sole Proprietor

27
Q

What is the Broker of Record responsible for?

A

All activities of the brokerage, all employees (including all brokers and salespeople)

28
Q

Who is authorized under REBBA to trade on behalf of consumers?

A

The Brokerage

29
Q

Who are agreements with Buyers and Sellers made between?

A

Between the Buyer/Seller and the Brokerage

Real Estate at Humber - Course 1 (1 decks)

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