Lesson 1: Regulatory Environment

Question 1

REBBA

Answer 1

-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

Question 2

RECO

Answer 2

• Real Estate Council of Ontario
• Enforce REBBA

Question 3

Responsible for REBBA

Answer 3

In Ontario, the Ministry of Public and Business service

Question 4

Code of Ethics ( CODE)

Answer 4

The Code sets minimum standards to help ensure sellers and buyers by outlining (obrisovat’) professional and ethical standards during RE activities

Question 5

Fairness and Honesty
Spravedlivi i chestni

Answer 5

Prodavec recomenduet pokupatelu nanyat’ specialista, chtob proverit’ chto-to v dome

Question 6

Conscientious( responsible) and Competent Service
Dobrosovestni i kompetentni servic

Answer 6

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

Question 7

Services from Others

Answer 7

Salesperson recomenduet obratit’cya k specialistu (SP mojet ocenit’ kvartiru v dome, no ne mojet ocenit’ mnogokvartirni dom, t.k ne zanimaetcya etim)

Question 8

Co-operating brokerage

Answer 8

Brokerage is working with buyer and listing brokerage

Question 9

Buyer’s brokerage

Answer 9

Seller does not have their property listed with brokerage, sam prodaet.

Question 10

Listing salesperson

Answer 10

Working with seller

Question 11

Buyer’s salesperson

Answer 11

Working with buyer

Question 12

Seller= vendor
Seller used within REBBA

Answer 12

Who the offering the property for sale

Question 13

Selling means

Answer 13

means disposing or seeking to dispose a property (prodavat’, ilil iskat’ dlya prodaji)

Question 14

landlord= lessor

Answer 14

person or corporation that owns property that leased to another person o corporation

Question 15

Broker

Answer 15

who has qualification and registered as a broker under REBBA

Question 16

Buyer= purchaser
Buyer used within REBBA

Answer 16

it’s mean acquiring, or seeking for acquiring
property( priobretat’, ili iskat’ dlya pokupki

Question 17

Representation

Answer 17

refers to the relationship when party is client
otnositcya k otnosheniyam gde storona nazivaetcya “clientom”

Question 18

Providing service

Answer 18

refers to the relationship when the party is a customer. Otnositcya k otnosheniyam , gde storona nazivaetcya “customer”

Question 19

Representation

Answer 19

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

Question 20

Providing services

Answer 20

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 .

Question 21

Customer

Answer 21

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

Question 22

Client

Answer 22

is represented by brokerage and have fool service as nesesarly from brokerage.

Question 23

Representation agreement

Answer 23

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

Question 24

customer service agreement

Answer 24

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