Module 1 Flashcards
What are the three types of Commission Sharing
1 Brokerage, 2 Brokerages or 1 brokerage and Desk Fee
What are the initial and ongoing expenses in real estate
Application Renewal Fee Registration Insurance Start up costs, Marketing, Other expenses vehicle home technology
What factors impact comission
Weeks to months, commercial period could be years, waiting for a deal to be finished, market conditions, time of the year
Explain how organization and planning is required by a sales-person
Because the attributes that contribute to a sale needs your days to be structured and organized
Describe Activities of a sales person
Representing Seller(Agreement to list) Marketing a property Prospecting, Preparing property to be shown, For Resale 1 Qualifying buyers Preparing the offer, presenting offer, and follow up.
identify Career Opportunities available to a salesperson
Residential Resale, New Home Sales, Residential Condominium, Rural Sales, Commercial Sales, Leasing Commercial
Explain the impact of Market activity on the work schedule of a salesperson
Sellers Market, Buyers Market, Balanced Market
What are the registration requirements
Complete Pre Registration, Register through a Brokerage, Purchase insurance through RECO, Complete post registration within 2 years.
What is RECOs Role
Enforcing Standards, Establishing Education, Administering Insurance, Addressing inquires,concerns & Complaints about registrants, Inspections, Source consumer protection and education
What are a few of the obligations under the Code of Ethics
Fairness & Honesty, Conscientious & Competent Service, Services from Others
What is RECO, what is its role
Real Estate Council of Ontario, Administers REBBA, All responsibilities are mandated to ensure that the regulation in trading builds and sustains public trust. Interpret, Enforce and Suggest modifications to the legislation
What is the fundamental objective of the Code of ethics
To protect sellers and buyers by outlining professional standards to be upheld in trading
Who is responsible for REBBA
Ontario ministry of government and consumer services
Why is real estate regulated
Real Estate and Business Brokers Act (REBBA) provides a frame work of regulations to protect consumers and ensure the integrity of real estate transactions are upheld
How is realestate regulated in canada
REBBA which includes the code of ethics and additional regulqtions. The role of provincial government in real estate trading and the role of real estate of Ontario
