Course 1 Practice Exam Questions Set 2
questions with correct answers.
Partnership ANS -Involves 2 or more individuals or entities who pool resources
Define how the Real Estate profession is regulated in Ontario ANS -Real Estate is regulated under the
REAL ESTATE BUSINESS BROKERS ACT (REBBA). Provides a framework for the responsive regulation of
the Real estate profession to protect consumers and to insure the integrity of real estate transaction are
upheld
Brokerage ANS -A corporation, partnership or sole proprietorship that trades in real estate on behalf of
others for compensation or reward, or expectation thereof.
Registrant ANS -All brokerages, brokers and salespersons are considered registrants under REBBA. Their
are 3 registration categories brokerage, broker, and salesperson
Broker ANS -Is an Individual who has the prescribed qualifications to be registered as a broker under
REBBA and who is employed by a brokerage to trade in real estate
Salesperson ANS -has the prescribed qualifications to be a salesperson under REBBA and who is
employed by a brokerage to trade real estate
Sole proprietorship ANS -a business owned by a single person
CREA ANS -Canadian Real Estate Association
OREA ANS -ONTARIO REAL ESTATE ASSOCIATION
Salesperson remuneration ANS -Salespersons and brokers are usually paid commission. Commission
plans are described in brokerages
, Broker of Record ANS -The individual broker responsible for the real estate transactions and activities of
licensees in a partnership or corporation.
Market Opportunities ANS -residential resale
New home sales
Condominium Sales
Rural, Recreational & Agricultural Sales
Commercial
Mortgage Financing
Property Management
Appraisal Institute of Canada (AIC) ANS -Accredited Appraiser Canadian institute (AACI)
Professional Appraiser (p.App)
Canadian Residential Appraiser (CRA)
Real Estate Institute of Canada (REI) ANS -FRI (Fellow of Real Estate Institute)
CPM (Certified property manager)
CLO (Certified Commercial leasing Officer)
ARM (Accredited Residential manager)
The CCIM Institute ANS -Provides educational programs and services in commercial and investment real
estate. The designation awarded is CCIM (Certified Commercial Investment member)
Real Estate Council of Ontario ANS -- Administrative authority which regulates/ enforces real estate and
business brokers Act 2002 (REBBA 2002)
- Protecting Public Interest
- Operating Structure
questions with correct answers.
Partnership ANS -Involves 2 or more individuals or entities who pool resources
Define how the Real Estate profession is regulated in Ontario ANS -Real Estate is regulated under the
REAL ESTATE BUSINESS BROKERS ACT (REBBA). Provides a framework for the responsive regulation of
the Real estate profession to protect consumers and to insure the integrity of real estate transaction are
upheld
Brokerage ANS -A corporation, partnership or sole proprietorship that trades in real estate on behalf of
others for compensation or reward, or expectation thereof.
Registrant ANS -All brokerages, brokers and salespersons are considered registrants under REBBA. Their
are 3 registration categories brokerage, broker, and salesperson
Broker ANS -Is an Individual who has the prescribed qualifications to be registered as a broker under
REBBA and who is employed by a brokerage to trade in real estate
Salesperson ANS -has the prescribed qualifications to be a salesperson under REBBA and who is
employed by a brokerage to trade real estate
Sole proprietorship ANS -a business owned by a single person
CREA ANS -Canadian Real Estate Association
OREA ANS -ONTARIO REAL ESTATE ASSOCIATION
Salesperson remuneration ANS -Salespersons and brokers are usually paid commission. Commission
plans are described in brokerages
, Broker of Record ANS -The individual broker responsible for the real estate transactions and activities of
licensees in a partnership or corporation.
Market Opportunities ANS -residential resale
New home sales
Condominium Sales
Rural, Recreational & Agricultural Sales
Commercial
Mortgage Financing
Property Management
Appraisal Institute of Canada (AIC) ANS -Accredited Appraiser Canadian institute (AACI)
Professional Appraiser (p.App)
Canadian Residential Appraiser (CRA)
Real Estate Institute of Canada (REI) ANS -FRI (Fellow of Real Estate Institute)
CPM (Certified property manager)
CLO (Certified Commercial leasing Officer)
ARM (Accredited Residential manager)
The CCIM Institute ANS -Provides educational programs and services in commercial and investment real
estate. The designation awarded is CCIM (Certified Commercial Investment member)
Real Estate Council of Ontario ANS -- Administrative authority which regulates/ enforces real estate and
business brokers Act 2002 (REBBA 2002)
- Protecting Public Interest
- Operating Structure
