Course 1 - Real Estate
Essentials
🏛️
Module 1: The Real Estate Profession &
REBBA 2002
Everything You Need to Pass Module 1—No Fluff, Just Facts!
I’m currently preparing notes for Modules 2 to 7—stay tuned, they’ll
be uploaded soon!
🔹 1.1 What Is the Real Estate Profession?
📌 Definition:
The real estate profession involves helping people buy, sell, lease, or rent real
property. In Ontario, this profession is regulated by law to protect the public
interest.
🧠 Key Roles:
Salesperson: Entry-level registrant authorized to trade in real estate under a
brokerage.
Broker: Advanced registrant who may manage or supervise others.
Broker of Record: The individual responsible for the brokerage’s
compliance with REBBA 2002.
🔹 1.2 What Is REBBA 2002?
📌 Definition:
Real Estate and Business Brokers Act, 2002 (REBBA 2002) is the legislation
that governs real estate professionals in Ontario.
,🧠 Purpose:
Protect the public interest
Set standards for registration, conduct, and discipline
Ensure ethical and competent service
📄 Key Parts of REBBA:
Part I – Interpretation
Covers definitions like “trade,” “registrant,” “brokerage,” etc.
Part II – Registration
Outlines who must register, types of registration (salesperson, broker, brokerage),
renewal, suspension, and reinstatement.
Part III – Code of Ethics
Sets rules for professional conduct: honesty, integrity, disclosure, advertising,
confidentiality, and avoiding conflicts of interest.
Part IV – Complaints & Discipline
Explains how RECO handles complaints, investigations, hearings, and penalties.
Part V – Inspections & Investigations
Gives RECO authority to inspect brokerage records, issue orders, and enforce
compliance.
Part VI –General
Includes regulations, exemptions, and transitional provisions.
🔹 1.3 What Is RECO?
📌 Definition:
Real Estate Council of Ontario (RECO) is the delegated administrative authority
that enforces REBBA 2002.
, 🧠 RECO’s Responsibilities:
Registering real estate professionals
Enforcing the Code of Ethics
Investigating complaints
Conducting inspections and audits
Administering discipline
🔹 1.4 Registration Categories
1. Salesperson
Definition: An individual authorized to trade in real estate under the supervision of
a registered brokerage.
Key Points:
Must complete the Real Estate Salesperson Program (e.g., Humber College).
Cannot operate independently.
Must be employed by a registered brokerage.
Can represent clients and customers, but must follow brokerage policies.
2. Broker
Definition: A registrant who has completed additional education and passed the
broker exam.
Key Points:
May supervise other registrants.
Can manage day-to-day operations of a brokerage (if authorized).
Must still be employed by a brokerage unless they are the Broker of Record.
Has more responsibility and authority than a salesperson.
3. Broker of Record
Definition: The individual designated by a brokerage to ensure compliance with
REBBA 2002.
Key Points:
Legally responsible for the brokerage’s conduct.
Essentials
🏛️
Module 1: The Real Estate Profession &
REBBA 2002
Everything You Need to Pass Module 1—No Fluff, Just Facts!
I’m currently preparing notes for Modules 2 to 7—stay tuned, they’ll
be uploaded soon!
🔹 1.1 What Is the Real Estate Profession?
📌 Definition:
The real estate profession involves helping people buy, sell, lease, or rent real
property. In Ontario, this profession is regulated by law to protect the public
interest.
🧠 Key Roles:
Salesperson: Entry-level registrant authorized to trade in real estate under a
brokerage.
Broker: Advanced registrant who may manage or supervise others.
Broker of Record: The individual responsible for the brokerage’s
compliance with REBBA 2002.
🔹 1.2 What Is REBBA 2002?
📌 Definition:
Real Estate and Business Brokers Act, 2002 (REBBA 2002) is the legislation
that governs real estate professionals in Ontario.
,🧠 Purpose:
Protect the public interest
Set standards for registration, conduct, and discipline
Ensure ethical and competent service
📄 Key Parts of REBBA:
Part I – Interpretation
Covers definitions like “trade,” “registrant,” “brokerage,” etc.
Part II – Registration
Outlines who must register, types of registration (salesperson, broker, brokerage),
renewal, suspension, and reinstatement.
Part III – Code of Ethics
Sets rules for professional conduct: honesty, integrity, disclosure, advertising,
confidentiality, and avoiding conflicts of interest.
Part IV – Complaints & Discipline
Explains how RECO handles complaints, investigations, hearings, and penalties.
Part V – Inspections & Investigations
Gives RECO authority to inspect brokerage records, issue orders, and enforce
compliance.
Part VI –General
Includes regulations, exemptions, and transitional provisions.
🔹 1.3 What Is RECO?
📌 Definition:
Real Estate Council of Ontario (RECO) is the delegated administrative authority
that enforces REBBA 2002.
, 🧠 RECO’s Responsibilities:
Registering real estate professionals
Enforcing the Code of Ethics
Investigating complaints
Conducting inspections and audits
Administering discipline
🔹 1.4 Registration Categories
1. Salesperson
Definition: An individual authorized to trade in real estate under the supervision of
a registered brokerage.
Key Points:
Must complete the Real Estate Salesperson Program (e.g., Humber College).
Cannot operate independently.
Must be employed by a registered brokerage.
Can represent clients and customers, but must follow brokerage policies.
2. Broker
Definition: A registrant who has completed additional education and passed the
broker exam.
Key Points:
May supervise other registrants.
Can manage day-to-day operations of a brokerage (if authorized).
Must still be employed by a brokerage unless they are the Broker of Record.
Has more responsibility and authority than a salesperson.
3. Broker of Record
Definition: The individual designated by a brokerage to ensure compliance with
REBBA 2002.
Key Points:
Legally responsible for the brokerage’s conduct.
