HUMBER REAL ESTATE UPDATED ACTUAL
QUESTIONS AND CORRECT ANSWERS
COMPREHENSIVE STUDY GUIDE
●● Does every branch office require a Broker of Record?
Answer: No.
Only 1 Broker of Record is required for the main office only. Each
branch office is assigned its own Branch Manager to provide
supervision, compliance with REBBA & handle all record management.
●● When a brokerage has a property for sale, what is the brokerage
identified as?
Answer: The listing brokerage
●● When a brokerage is working with a buyer, what is the brokerage
identified as?
Answer: The co-operating brokerage
OR
The buyer's brokerage (when it's a private sale, because the buyer's is the
only brokerage listed in the agreement as the seller doesn't have one)
●● The term 'Seller' (used by REBBA) is synonymous with the term
'__________' which may be used in other legislation.
, Answer: Vendor
●● What word, under REBBA, is used to reference the selling aspect of
a real estate transaction?
Answer: Divestiture
●● The term 'Buyer' (used by REBBA) is synonymous with the term
'__________' which may be used in other legislation.
Answer: Purchaser
●● What word, under REBBA, is used to reference the purchasing
aspect of a real estate transaction?
Answer: Acquisition
●● What is another term for 'Landlord'?
Answer: Lessor
●● What is another term for 'Tenant'?
Answer: Lessee
●● What is the definition of a 'Landlord'?
Answer: A person or other entity (i.e. a corporation) that owns a property
that is leased to another person, rather than being occupied by the owner.
QUESTIONS AND CORRECT ANSWERS
COMPREHENSIVE STUDY GUIDE
●● Does every branch office require a Broker of Record?
Answer: No.
Only 1 Broker of Record is required for the main office only. Each
branch office is assigned its own Branch Manager to provide
supervision, compliance with REBBA & handle all record management.
●● When a brokerage has a property for sale, what is the brokerage
identified as?
Answer: The listing brokerage
●● When a brokerage is working with a buyer, what is the brokerage
identified as?
Answer: The co-operating brokerage
OR
The buyer's brokerage (when it's a private sale, because the buyer's is the
only brokerage listed in the agreement as the seller doesn't have one)
●● The term 'Seller' (used by REBBA) is synonymous with the term
'__________' which may be used in other legislation.
, Answer: Vendor
●● What word, under REBBA, is used to reference the selling aspect of
a real estate transaction?
Answer: Divestiture
●● The term 'Buyer' (used by REBBA) is synonymous with the term
'__________' which may be used in other legislation.
Answer: Purchaser
●● What word, under REBBA, is used to reference the purchasing
aspect of a real estate transaction?
Answer: Acquisition
●● What is another term for 'Landlord'?
Answer: Lessor
●● What is another term for 'Tenant'?
Answer: Lessee
●● What is the definition of a 'Landlord'?
Answer: A person or other entity (i.e. a corporation) that owns a property
that is leased to another person, rather than being occupied by the owner.
