Real Estate Humber Course 1 Study
Questions And Answers
who is responsible for tresa? - ANSWER-the ministry of public and business service
what is a registrant? - ANSWER-any individual or brokerage registered to trade in real estate
what are the 3 obligations of the code of ethics? - ANSWER-fairness and honesty, conscientious and
competent service, services from others
what does reco stand for? - ANSWER-real estate council of ontario
how long do you have to complete ur education requirements? - ANSWER-2 years
how long do you have to find work after ur final exam - ANSWER-12 months
whats a sellers market - ANSWER-when there are more buyers than properties
whats a buyers market - ANSWER-when there are more properties than buyers
whats a balanced market - ANSWER-when the amount of buyers and properties is equal
trading or not trading: conversing with a prospective seller regarding the intent to list a sale for property
in the future - ANSWER-trading
trading or not trading: hosting an open house for another salesperson - ANSWER-trading
trading or not trading: posting a weekly blog that talks about marketing and other real estate topics -
ANSWER-trading
trading or not trading: providing advice to a long term neighbour who has been contemplating selling in
an attempt to secure a future listing - ANSWER-trading
what is a landlord/lessor - ANSWER-any individual or corporation who leases property to another
individual
what is a tenant - ANSWER-someone who leases someone else's land
whats the difference between a broker and a salesperson - ANSWER-a broker is defined as an individual
registered under rebba to trade in real estate and a salesperson is referenced in a transaction based on
their role in the transaction
whats the difference between a client and a customer - ANSWER-a client is being represented by the
brokerage; they are owed loyalty and confidentiality whereas the customer is not
whats a representation agreement - ANSWER-an agreement made between a broker and a client
what is an agreement of purchase and sale - ANSWER-an agreement made to negotiate the terms of sale
between the buyer and the seller
what is a remuneration agreement - ANSWER-the remuneration paid to the brokerage after a deal is
made
Questions And Answers
who is responsible for tresa? - ANSWER-the ministry of public and business service
what is a registrant? - ANSWER-any individual or brokerage registered to trade in real estate
what are the 3 obligations of the code of ethics? - ANSWER-fairness and honesty, conscientious and
competent service, services from others
what does reco stand for? - ANSWER-real estate council of ontario
how long do you have to complete ur education requirements? - ANSWER-2 years
how long do you have to find work after ur final exam - ANSWER-12 months
whats a sellers market - ANSWER-when there are more buyers than properties
whats a buyers market - ANSWER-when there are more properties than buyers
whats a balanced market - ANSWER-when the amount of buyers and properties is equal
trading or not trading: conversing with a prospective seller regarding the intent to list a sale for property
in the future - ANSWER-trading
trading or not trading: hosting an open house for another salesperson - ANSWER-trading
trading or not trading: posting a weekly blog that talks about marketing and other real estate topics -
ANSWER-trading
trading or not trading: providing advice to a long term neighbour who has been contemplating selling in
an attempt to secure a future listing - ANSWER-trading
what is a landlord/lessor - ANSWER-any individual or corporation who leases property to another
individual
what is a tenant - ANSWER-someone who leases someone else's land
whats the difference between a broker and a salesperson - ANSWER-a broker is defined as an individual
registered under rebba to trade in real estate and a salesperson is referenced in a transaction based on
their role in the transaction
whats the difference between a client and a customer - ANSWER-a client is being represented by the
brokerage; they are owed loyalty and confidentiality whereas the customer is not
whats a representation agreement - ANSWER-an agreement made between a broker and a client
what is an agreement of purchase and sale - ANSWER-an agreement made to negotiate the terms of sale
between the buyer and the seller
what is a remuneration agreement - ANSWER-the remuneration paid to the brokerage after a deal is
made
