Module 2 Flashcards
How is organized Real Estate structured?
a. CREA, Provincial/Territorial Associations & Real Estate Boards.
b. The Canadian Real Estate Association & Real Estate Boards.
c. CREA, Provincial/Territorial Associations & RECO.
d. OREA, RECO & Real Estate Boards.
A
Buyer Botrus, an avid car collector, is seriously considering purchase of a resale rural home. His particular interest lies in land and buildings, most notably a detached, four-car garage. The garage from a legal perspective, is most aptly described as:
a. fixture
b. real property
c. personal property
d. chattel
B
Which of the following statements is NOT correct regarding the process of transferring property ownership?
a. A mortgage being registered under land titles system is legally referred to as ‘charge’
b. A salesperson must clearly identify two important dates in an agreement: the completion date(date that the title sea is done) and the closing date (the date that the sale closes).
c. The charge of ownership under Land Tittles is typically referred to as a ‘transfer’.
d. The closing date is the date on which the transfer of ownership occurs.
B
If a buyer signs a buyer customer service agreement with a brokerage:
a. a copy does not have to be provided, as the requirement only applies to agreements with sellers and not buyers.
b. a copy doesn’t have to be provided, as that requirement only applies to representation agreements.
c. a copy of that agreement must be provided immediately to the buyer.
d. a copy of that agreement must be provided only if the buyer request one.
C
Organized Real Estate os built on:
a. a four-way relationship involving CREA,OREA,RECO and Real Estate Boards.
b. the combined efforts of CREA, provincial associations, and Real Estate Boards.
c.CREA offering MLS services to members throughout the province.
d.an agreement between RECO & OREA.
B
A definition of ‘trade’ in real estate, according to RECO.
a. excludes the sale of a business if it is operating in leased premises.
b.doesn’t include the placing of a sign on the listed property.
c. includes an open house offered to promote a listed property l.
d. does not include the showing of a property, unless an offer is made on that property.
C
A real estate board is:
a. an organization whose members can not use the team Realtor®
b. a regulatory organization.
c. formed for the benefit of its members.
d. authorized to operate throughout the province.
C
Owner Munro has decided to list his home and the salesperson is completing the seller representation agreement. The government includes a data input form that lists chattels and fixtures. Which of the following statements is correct in that regard?
a. A built-in bookshelf is best described as personal property.
b. A chattel is always a chattel; it cannot become a fixture.
c. fixtures are excluded, unless specifically included by the seller representation agreement.
d. chattels are generally viewed as movable and are not included unless specifically itemized in the seller representation agreement.
D
Salesperson Richards makes four statements to a buyer. Which is incorrect?
a. Its best to to think of chattels as being moveable, while fixtures are attached.
b. The term ‘real property’ refers to the tangible real estate but not intangible rights.
c. ‘personal property’ as including moveable items in a home such ad pieces of furniture.
d. ‘real estate’, it refers to land, the buildings and any other furnitures permanent improvements on that land.
B
which of the following is NOT a function of the Canadian Real Estate Association.
a. Providing members of organized real estate in Ontario with various forms e.g. agreement of purchase and sale & seller representation agreements.
b. Advancing the interests of organized Real Estate regarding national issues that impact membership.
c. Ensuring that trademarks & certification marks, such as REALTOR & MLS are protected.
d. Providing assistance to provincial/territorial associations & real estate boards.
A
A salesperson working with a buyer can be involved in various activities. Which of the following is NOT one of then?
a. Design and implement a marketing plan.
b. Determine the buyer’s needs and wants.
c. Prepare an agreement of purchase and sale.
d. Recommend a 3rd party professional when appropriate.
A
A salesperson is showing a property listed by his brokerage to a prospective buyer customer. The buyer asks if the seller will take a lower price. The salesperson should:
a. Attempt to get more details from the seller, as he is working in the best interests of the buyer.
b. disclose such information to the buyer only if the buyer is seriously contemplating buying a home.
c. disclose the brokerage role regarding the seller client and the customer, and advise the buyer that such information is confidential.
d. Provide any information about the seller’s negotiating position.
C
Various terms are used in REBBA. Which of the following is NOT correct.
a. The term ‘divesture’ refers to the selling of property is a Real Estate transaction.
b. The term ‘vendor’ is frequently used REBBA to refer to the seller.
c. The term ‘lessor’ refers to the landlord.
d. The term ‘buyer’ and ‘purchaser’ are viewed as synonymous when discussing real estate acquisitions.
B
An agreement whereby a seller agrees to list a property with a brokerage, for the purpose of REBBA, is referred to as:
a. seller agency agreement.
b. brokerage listing agreement.
c. client services agreement.
d. seller representation agreement.
D
Which of the following statements is not correct regarding remuneration?
a. A buyer may or may not have to pay remuneration when signing a customer service agreement.
b. A percentage is acceptable way to obtain remuneration according to REBBA.
c. An agreed upon amount is an acceptable way to obtain remuneration according to REBBA.
d. Remuneration can be agreed upon amount or a percentage, but not a combination of the two.
D
