RETS / CHAPTER 2 / PART 2 Flashcards
TRUE OR FALSE? Employees of developers are exempted from licensing requirements.
ANSWER: TRUE
FILL IN THE BLANK / _________ means it is agreed that the licensee’s commission will be the difference between the price at which real estate is listed for sale, lease or other disposition, and the actual amount realized on the sale, lease or other disposition
ANSWER: NET LISTING
The members of ________ are the local real estate boards that represent 11 geographic areas of the province.
ANSWER: BCREA
This is a licensee (often corporate) on behalf of which other licensees must provide real estate services.
ANSWER: BROKERAGE
This is a licensee responsible for a brokerage, and who is responsible for exercising the rights conferred on the brokerage as well as for the performance of the duties imposed on the brokerage by its licence.
ANSWER: MANAGING BROKER
TRUE OR FALSE? An application for a representative license must include 3 references?
ANSWER: FALSE
TRUE OR FALSE? A representative must be employed by a brokerage?
ANSWER: TRUE
QUICK NOTE / In order to be licensed for the first time as a MANAGING BROKER or ASSOCIATE BROKER, the licensee must have been providing real estate services as a licensee in a Canadian province or Yukon for at least TWO YEARS during the five years before the date of the application.
QUICK NOTE / In order to be licensed for the first time as a MANAGING BROKER or ASSOCIATE BROKER, the licensee must have been providing real estate services as a licensee in a Canadian province or Yukon for at least TWO YEARS during the five years before the date of the application.
TRUE OR FALSE? A representative cannot act for any brokerage other than the brokerage with whom he/she is employed for?
ANSWER: CORRECT
The term of a licence as set out in the Rules is _____ years
ANSWER: TWO
This organization represents REALTORS on all provincial issues, provides an extensive communications network, required licensing and continuing education courses, standard forms and government relations.
ANSWER: BCREA
TRUE OR FALSE? To qualify for a managing broker an individual must be at least 21 years of age.
ANSWER: FALSE . . .individual must be 19 years old.
QUICK NOTE / Section 5-6 of RESA prohibits licensees from making a PROMISE to acquire, or resell or otherwise dispose of, the real estate or any other real estate;
UNLESS at the time the licensee makes the promise, he or she gives a signed statement containing the details of the promise to the person to whom it is made, and including the signature of any other party involved in the promise.
QUICK NOTE / Section 5-6 of RESA prohibits licensees from making a PROMISE to acquire, or resell or otherwise dispose of, the real estate or any other real estate;
UNLESS at the time the licensee makes the promise, he or she gives a signed statement containing the details of the promise to the person to whom it is made, and including the signature of any other party involved in the promise.
TRUE OR FALSE? A managing broker must be a Canadian citizen.
ANSWER: FALSE
QUICK NOTE / It is particularly important that when licensees buy, sell or rent real estate for themselves, there should be no reason to suspect that they may have taken advantage of their position. For this reason, the Council Rules impose disclosure requirements on licensees when they (or certain related parties) person-ally deal with real estate.
QUICK NOTE / It is particularly important that when licensees buy, sell or rent real estate for themselves, there should be no reason to suspect that they may have taken advantage of their position. For this reason, the Council Rules impose disclosure requirements on licensees when they (or certain related parties) person-ally deal with real estate.
