Lesson 1: Regulatory Environment Flashcards
REBBA
-Real Estate and Business Brokers Act (includes Code of Ethics and additional regulations)
-Provide framework for regulation of the real estate profession to protect consumers ( potrebitel) and insure the integrity(chestnost’) of R.E. transactions
RECO
- Real Estate Council of Ontario
- Enforce REBBA
Responsible for REBBA
In Ontario, the Ministry of Public and Business service
Code of Ethics ( CODE)
The Code sets minimum standards to help ensure sellers and buyers by outlining (obrisovat’) professional and ethical standards during RE activities
Fairness and Honesty
Spravedlivi i chestni
Prodavec recomenduet pokupatelu nanyat’ specialista, chtob proverit’ chto-to v dome
Conscientious( responsible) and Competent Service
Dobrosovestni i kompetentni servic
Salesperson ob’yasnyaet kak i chto doljno bit’ i rabotat’ no ne delaet test, tak, kak ne v ego kompetencii i sovetuet obratit’cya k specialistu
Services from Others
Salesperson recomenduet obratit’cya k specialistu (SP mojet ocenit’ kvartiru v dome, no ne mojet ocenit’ mnogokvartirni dom, t.k ne zanimaetcya etim)
Co-operating brokerage
Brokerage is working with buyer and listing brokerage
Buyer’s brokerage
Seller does not have their property listed with brokerage, sam prodaet.
Listing salesperson
Working with seller
Buyer’s salesperson
Working with buyer
Seller= vendor
Seller used within REBBA
Who the offering the property for sale
Selling means
means disposing or seeking to dispose a property (prodavat’, ilil iskat’ dlya prodaji)
landlord= lessor
person or corporation that owns property that leased to another person o corporation
Broker
who has qualification and registered as a broker under REBBA
Buyer= purchaser
Buyer used within REBBA
it’s mean acquiring, or seeking for acquiring
property( priobretat’, ili iskat’ dlya pokupki
Representation
refers to the relationship when party is client
otnositcya k otnosheniyam gde storona nazivaetcya “clientom”
Providing service
refers to the relationship when the party is a customer. Otnositcya k otnosheniyam , gde storona nazivaetcya “customer”
Representation
relationship has been established(ustaanovlen) between 2 parties
both regul. REBBA and fiduciary (doverenoe lico, porucheni, porucheni) .Fiduciary obligation require the brokerage to be loyal.
and protect the seller and buyer interest
Providing services
Brokerage can provide services to seller or buyer rather than represent the party.
Prodavec (mojet bit’ pokupatel’) imeet svoego predstavitelya ,a drugoe lico hochet pokupat’(prodavat’) samostoyatel’no.
Brokerage obyazan provide information drugoi storone .
Customer
Person who receiving services from a brokerage , and NOT receive the same service from brokerage as a client.
Brokerage not representing them in a transaction. Naprimer pokupatel’ hochet tol’ko smotret’ property, a vse ostal’noe delaet sam.
Brokersk. kompaniya tol’ko det neobhodimuu informaciu
Client
is represented by brokerage and have fool service as nesesarly from brokerage.
Representation agreement
Brokerage represents a seller or buyer as a client. it’ can be created in a written or a verbal, but Code of Ethics requires that the registrant MUST to write and have to be signed behalf of the brokerage and buyer or the seller. From seller -listing agreement,
from buyer - buyer representation agreement
Copy have to be provide for the party (predstavitelei obe storoni) immediately
customer service agreement
Brokerage provides customer services to a customer it can be written or verbal, but Code requires MUST to be writing and have to be signed on behalf (predstavitel”) brokerage and submit in to seller or buyer for signatur
