Lesson 2

Question 1

Discuss the purpose and the scope of the Real Estate Services Act

Answer 1

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Question 2

Describe how the Real Estate Services Act is administered

Answer 2

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Question 3

Describe the licensing system

Answer 3

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Question 4

Describe how the Act governs the conduct of licensees

Answer 4

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Question 5

Discuss how the Act provides protection to the public

Answer 5

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Question 6

Describe the consequences of a licensee’s breach of the Act

Answer 6

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Question 7

Explain the purpose and have a general understanding of the Real Estate Development Marketing Act

Answer 7

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Question 8

Describe which types of development units require a disclosure statement when sold

Answer 8

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Question 9

Explain when a purchaser may rescind a contract for the purpose of a development unit

Answer 9

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Question 10

Discuss the meaning of the term “professional ethics”

Answer 10

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Question 11

Explain the purpose and scope of a professional association’s Code of Ethics

Answer 11

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Question 12

Discuss the wide variety of duties and responsibilities of real estate professionals

Answer 12

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Question 13

List the disciplinary procedures to which real estate professionals could become subject.

Answer 13

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