HUMBER REAL ESTATE CERTIFICATION
EVALUATION TEST PAPER QUESTIONS
AND SOLUTIONS VERIFIED RESOURCE
●● REBBA Code of Ethics
Answer: - objective is to protect sellers & buyers by outlining standards
to be upheld during all real estate activities
- Fairness & Honesty
- Conscientious & Competent Service
- Services From Others
●● Code of Ethics: Services From Others
Answer: must advise a seller/buyer to obtain services from another
person if the registrant isn't able to provide the services
●● listing brokerage
Answer: when a brokerage has a property listed for sale
●● co-operating brokerage
Answer: A brokerage (typically representing the buyer) who is
cooperating with a listing brokerage in a real estate trade.
,●● buyer's brokerage
Answer: The term used to refer to the buyer's brokerage when the seller
doesn't have their property listed for sale with a brokerage (privately
selling their home).
●● lessor
Answer: the one who grants the lease, the landlord
●● lessee
Answer: the tenant
●● representation relationship
Answer: - the party is a client
- an agency relationship has been established between the 2 parties
- both regulatory (REBBA) & fiduciary obligations on the brokerage
●● fiduciary obligatons
Answer: brokerage is required to:
- be loyal
- not disclose confidential information
- promote & protect the seller/buyer's best interests
●● providing services relationship
, Answer: - the party is a customer who is receiving services from a
brokerage (e.g., get info on a house for sale but represent themselves)
- brokerage must treat party with fairness, honesty, and ensure any info
provided is accurate
- no fiduciary obligations
●● representation agreement
Answer: used when a brokerage represents a seller (listing agreement) or
buyer (buyer representation agreement) as a client
●● customer service agreement
Answer: used when a brokerage provides services to a customer. It can
be non-exclusive
●● methods of calculating commission
Answer: - percentage of the sale or lease amount (can only decrease as
the sale value goes up)
- an agreed amount
- a combination of both
note: if no amount is agreed upon between seller/buyer & brokerage,
prevailing rate in the community is used
●● real estate
EVALUATION TEST PAPER QUESTIONS
AND SOLUTIONS VERIFIED RESOURCE
●● REBBA Code of Ethics
Answer: - objective is to protect sellers & buyers by outlining standards
to be upheld during all real estate activities
- Fairness & Honesty
- Conscientious & Competent Service
- Services From Others
●● Code of Ethics: Services From Others
Answer: must advise a seller/buyer to obtain services from another
person if the registrant isn't able to provide the services
●● listing brokerage
Answer: when a brokerage has a property listed for sale
●● co-operating brokerage
Answer: A brokerage (typically representing the buyer) who is
cooperating with a listing brokerage in a real estate trade.
,●● buyer's brokerage
Answer: The term used to refer to the buyer's brokerage when the seller
doesn't have their property listed for sale with a brokerage (privately
selling their home).
●● lessor
Answer: the one who grants the lease, the landlord
●● lessee
Answer: the tenant
●● representation relationship
Answer: - the party is a client
- an agency relationship has been established between the 2 parties
- both regulatory (REBBA) & fiduciary obligations on the brokerage
●● fiduciary obligatons
Answer: brokerage is required to:
- be loyal
- not disclose confidential information
- promote & protect the seller/buyer's best interests
●● providing services relationship
, Answer: - the party is a customer who is receiving services from a
brokerage (e.g., get info on a house for sale but represent themselves)
- brokerage must treat party with fairness, honesty, and ensure any info
provided is accurate
- no fiduciary obligations
●● representation agreement
Answer: used when a brokerage represents a seller (listing agreement) or
buyer (buyer representation agreement) as a client
●● customer service agreement
Answer: used when a brokerage provides services to a customer. It can
be non-exclusive
●● methods of calculating commission
Answer: - percentage of the sale or lease amount (can only decrease as
the sale value goes up)
- an agreed amount
- a combination of both
note: if no amount is agreed upon between seller/buyer & brokerage,
prevailing rate in the community is used
●● real estate
