Module 1 Flashcards
A Broker of Record:
a. Must make certain that REBBA requirements are strictly followed and enforced by the brokerage.
b. is required for a sole proprietorship or partnership, but not a corporation.
c. must be a branch manager for the applicable brokerage.
d. is designated by RECO to ensure that the brokerage complies with REBBA.
A
Salesperson Sing is having difficulty focusing his efforts and working independently which of the following skills appears to be lacking.
a. People skills
b. Self-discipline
c. Negotiating skills
d. Problem-solving
B
A skills self-assessment:
a. is an action plan
b. essential to building a successful career.
c. must be completed by real estate salesperson as it requires under REBBA.
d. helps prioritize areas in which you can improve.
D
Which of the following statements is NOT correct regarding the Real Estate and Business course.
a. Certain individuals are exempt from REBBA registration when trading in Real Estate.
b. There are 3 registration categories under REBBA: Salesperson, Broker, and Brokerage.
c. The Ministry of Public and Business Services delivery conducts brokerage Inspections on behalf of RECO.
d. Real Estate Council of Ontario enforces REBBA.
C
A new registrant submits a registration application but doesn’t disclose a criminal conviction that occurred six years ago. When the registrar discovers this non-disclosure, can the registration be refused?
a. Yes, because it happened within the last 7 years.
b. No, because conviction occurred more than 3 years ago.
c. Yes, because the registrant must disclose any criminal convictions.
d. No, because the conviction occurred more than 5 years ago.
C
Once registered with RECO, registration renewals occur:
a. on an annual basis.
b.every 2 years.
c. semi-annually.
d. every august
B
Which of the following is NOT an important factor when sellers or buyers are selecting a brokerage?
a. The importance of knowing and dealing directly with the broker of record.
b. The image that the brokerage portrays to the buying and selling public.
c. The salesperson’s abilities, as the salesperson is the primary point of contact when buying and selling.
d. The reputation of the brokerage.
A
An individual making application for salesperson registration must disclose:
a. wether or not he or she is engaged or employed in any other business, if so requested by separate written notice from the Registrar.
b. details concerning various circumstances including personal bankruptcy, unpaid judgments, and revocation of any license or registration.
c. those matters involving personal bankruptcy, but not details of any unpaid judgments.
d. only those matters concerning unpaid judgments and any pending charges involving any law.
B
Salesperson Rashid is setting up a budget for the first year of a new real estate career. Which of the following would not be a typical expense in that budget?
a. Vehicle expense and business supplies.
b. Marketing and advertising expense.
c. Application review fee and salesperson registration fee.
d. Two-year insurance premium payable to the Real Estate Insurer of Ontario.
C
You are preparing for a commissioned based real estate career. As a prudent individual, which of the following would you NOT do for the first year as a salesperson.
a. Try to have six month’s funds available to handle both personal and career start up expenses for the time period.
b. borrow against pending commission- based remuneration because that future revenue is like money in the bank.
c. Be aware that there are slower periods during certain parts of the year, which can directly impact earnings potential.
d. Set realistic budget and stay within budget limits even if earning exceed original expectations.
B
Which of the following statements is NOT correct regarding the broker of Record?
a. REBBA requires that a broker of record be designated in case of partnership brokerage.
b. The broker of record may delegate various management responsibilities.
c. Any employed broker of a brokerage can be the broker of record of record.
d. The broker of record cannot be the broker/owner of the a sole proprietorship brokerage.
D
Jackson had previously been a mortgage broker but his mortgage broker registration was terminated on suspicion of fraud 11 years ago. Jackson didn’t disclose this in the application, but the registrar subsequently uncovered the details. Which of the following statements is correct?
a. The registrar can refuse the application on the basis of the non-disclosure of the previous registration termination.
b. If Jackson was not criminally charged he is not required to disclose this information.
c. The registrar may accept the application but can deny RECO insurance coverage due to increase risk.
d. As the termination occurred more than 10 years ago, Jackson is not required to disclose this information.
A
When showing a property, the seller salesperson notices a stain on the ceiling. Who should be NOT be contacted for further investigate this situation for the buyer?
a. Home builder
b. Home Inspector
c. Builder/Renovator
d. Painting Contractor
D
When a buyer makes an offer to the seller, which of the following is NOT correct?
a. It may include a condition such as arranging mortgage financing.
b. Once the seller accepts the offer, the listing salesperson should maintain contact with the seller until the sale closes.
c. The seller must either accept the offer or reject it.
d. The accepted offer may include a condition and once that condition is satisfied, the agreement becomes binding.
C
A broker and a salesperson:
a. both meet the necessary qualifications to be a broker of record.
b. are not agents, but rather representatives of the agent.
c. are differentiated by the client services that they provide to buyers and sellers.
d. have the legal capacity to trade in real estate on their own behalf.
B
