Module 1 Flashcards
1
Q
How is the RE profession regulated in Ontario
A
- By the RE & Business Brokers Act
- Protects consumers and ensure the integrity of RE transactions
- Administered by RECO
2
Q
Registrant
A
Any individual or brokerage that is registered in the trade of RE
3
Q
Code of Ethics
A
- Fairness and Honesty
- Conscientious and Competent Service
- Services from Others
4
Q
Brokerage
A
Corp, partnership or sole propritorship that trades RE on behalf of others for compensation or reward
5
Q
Steps to Registration
A
- Complete education requirements
- Register w/ RECO once employed at brokerage
- Purchase insurance coverage through RECO
6
Q
When is post-reg completed
A
Within 2 years
7
Q
How long do you have to be employed by a brokerage
A
12 months
8
Q
Canadian Criminal Record check
A
Within 6 months
9
Q
Insurance provides coverage for:
A
- Consumer deposit protection
- Errors and omissions
- Commission protection
10
Q
Insurance provides
A
1 year of coverage
11
Q
Registration renewal
A
Every 2 years
12
Q
Seller’s Market
A
- # of buyers > # of properties
- Demand > Supply
- Rising prices (competing/multiple offers)
- Sellers prefer options with few or no conditions
13
Q
Buyers Market
A
- # of properties > Number of buyers looking to purchase
- Supply > demand
- Falling prices
- Buyers will include more conditions in an offer
14
Q
Balanced market
A
- # of lisitings is sufficient for the number of buyers
- Reasonable conditions in offers, prices are stable
15
Q
Commission is allocated between:
A
Listing side (brokerage/seller), selling side (brokerage/buyer)
