Module 5 Flashcards
Applicant Rasheed can trade in Real Estate on behalf of his employing brokerage, once he:
a. has paid the RECO insurance premium in full.
b. receives the wallet registration certificate or uses the my RECO certificate app to retrieve an electronic copy.
c. has confirmed successful completion of the 5 prescribed courses in the current pre-registration education program.
d. has sent ten complete application, along with the prescribed fee and the applicable course transcript.
B
Any city when planning to sell that property, Owner Chang will have to decide how to accomplish this. Which of the following statements is NOT correct in that regard?
a Owner Chang might consider using an auctioneer to sell the property.
b. Owner Chang has to use a Real Estate brokerage to sell the commercial property.
c. Owner Chang might call a Real Estate brokerage to sell the commercial property.
d. Owner Chang might involve a lawyer to negotiate the sale of a property.
?
Broker Gravelle is the owner and broker of Record for Any city Real Estate services Inc. If Gravelle’s brother has invested funds in the brokerage and make certain key decisions about that brokerage and make certain key decisions about that brokerage, the Registrar would view the broker as:
a. an associate broker of record.
b. an interested person.
c. a silent investor.
d. limited partner.
B
If consumer Dahan files a verified complaint about a salesperson with RECO:
a. the salesperson involved would be informed of the complaint after RECO has taken some of administrative action against that salesperson.
b. the salesperson involved would face the following RECO acting; and (2) be required to pay compensation to Consumer Dahan.
c. the salesperson involved would be notified of the complaint, but the brokerage.
d. the salesperson involved has an opportunity to respond to that complaint.
D
The Provincial Offences Act:
a. would not apply to infractions under the Real Estate and Business Brokers Act, as such matters are handled under the RECO Code of Ethics.
b. sets out procedure for legal prosecution in the Ontario Court of Justice system.
c. provides for fines only and not prison terms.
d. provides for a maximum $10,000 fine for either a person or a corporation.
B
If an individual has had financial problems that might lead to bankruptcy, the application for salesperson registration:
a. would be immediately refused.
b. might be refused based on a circumstances surrounding these financial difficulties.
c. would be returned to the applicant without any decisions.
d. would be referred to the Ethics Committee for a decision on that matter.
B
When a deposit is received and deposit in a brokerages real estate trust account:
a. the interest rate to be earned on the deposit must be disclosed to all parties to the agreement.
b. the interest rate to be earned on the deposit must be disclosed to the person for whom the deposit is made.
c. both the seller’s lawyer and the buyer’s lawyer must be informed of the interest rate to be earned on the deposit.
d. the seller’s lawyer must be informed of the interest rate to be earned on the investment.
B
Salesperson Walker is holding an open house for a seller client. Walker overhears a conversation between a couple viewing the property that is the perfect home because it backs unto greenspace that cannot be developed. You are aware of a draft plan of subdivision that is proposed for the adjacent privately owned property, but notices regarding the application have not been made public. What is the appropriate way to handle this situation?
a. As the plans for the greenspace are not publicly available, sharing this information is not appropriate given that new development may not take place.
b. As the individuals are not Walker’s clients, there is no obligation to share any details about the draft plan proposal.
c. Walker should share his knowledge of the proposal plan for the greenspace and suggest the couple investigate further.
d. Walker is not obligated to impart any information regarding the greenspace the as conversations that are overheard are exempted under REBBA code of ethics.
C
If RECO believes that a consumer’s deposit held in a brokerage’s real estate trust account is at risk:
a. no action can be taken until the police are involved.
b. the police would never be involved as such matters are always handled solely by RECO.
c. both search warrant and freeze order can be issued.
d. there is only one action that can be taken, which is issuing a search warrant to more fully investigate the matter.
C
A person who leases property under the Residential Tenancies Act is:
a. deemed to be a property manager and must be registered under REBBA.
b. exempt under REBBA
c. required to be registered with a real estate brokerage.
d. exempt under REBBA and is also exempt if he or she leases commercial property under the Commercial Tenancies Act.B
B
Salesperson Bain is showing a rural property to her buyer client. The buyer inquires about the water well quality and Bain casually ask the buyer client that the well has operated correctly and that he has never had any water quality problems. Based on this representation, Bain:
a. should recommend that her buyer client seek expert advice, as well as, suggesting that an appropriate condition be included in the offer.
b. should personally inspect the water and advise her buyer client accordingly.
c. need not pursue the topic any further, as the seller has confirmed that there are no problems.
d. does not have a duty of care to the buyer client is this regard.
A
Salesperson Buchanan is aware of a material latent defect(window leakage) in the high-rise condominium unit that was recently listed by another brokerage. I cannot be readily see by a casual observer, but would be key fact pertinent to a person’s decisions to buy.
Which of the following is the best course of action for Buchanan?
a. Buchanan should not comment, but instated advise the buyer to have an inspection completed to reveal any significant defects.
b. Buchanan isn’t obligated to mention anything, as the problem is common knowledge and affects many units in the building.
c. Buchanan is not an expert on such matters, and as such should refrain from mentioning anything.
d. Buchanan should advise the buyer that he is aware of window leakage.
D
Which of the following is correct regarding a registrant advertising his or her registered name in an advertisement?
a. A sales registration can use the term salesperson, but not real estate sales representative.
b. A salesperson registrant can use the term real estate sales consultant.
c. A broker of record can use the term real estate real estate broker of record.
d. A broker registrant can use the term associate broker, if the brokerage approves.
C
According to REBBA requirements which of the following is correct regarding acceptable terms used by registrants?
a. A salesperson can advertise that he or she is a ‘real estate advisor’
b. A brokerage can be referred to as a’ brokerage’ or ‘real estate brokerage’
c. A salesperson can advertise that he or she is a ‘real estate sales associate’
d. A broker can use the term ‘broker consultant’ in advertising.
B
Which of the following complies with REBBA’s advertising requirements?
a. Using the term “sales consultant”.
b. Using a short for of the name registered with RECO.
c. Using the term “real estate specialist”
d. Using a trade name registered with RECO
D
