HUMBER REAL ESTATE STUDY GUIDE TEST
PAPER QUESTIONS WITH THOROUGH
ANSWER EXPLANATIONS
●● Whose role is it to enforce REBBA?
Answer: RECO
●● What is the purpose of REBBA?
Answer: To provide a framework for the responsive regulation of the
real estate profession to protect consumers and ensure the integrity of
real estate transactions is upheld.
●● What Ontario government body is responsible for REBBA?
Answer: The Ministry of Government and Consumer Services is
'responsible' for REBBA, but it's RECO's role to interpret, enforce and
suggest changes to REBBA.
●● What does the term 'Registrant' refer to?
Answer: Any individual OR brokerage that is registered to trade in real
estate.
●● What is the purpose of REBBA's Code of Ethics?
, Answer: To set minimum standards to help ensure no misunderstanding
or ambiguity exists in the minds of sellers and buyers about what they
should expect when interacting with a real estate professional.
●● What is the fundamental objective of REBBA's Code of Ethics?
Answer: To protect sellers and buyers by outlining professional and
ethical standards to be upheld during all real estate activities.
●● What are the 3 tenants of REBBA's Code of Ethics?
Answer: - Fairness and Honesty
- Conscientious and Competent Service
- Services from Others
●● The Real Estate Council of Ontario (RECO) administers REBBA on
behalf of who?
Answer: The provincial government (Ontario)
●● What is the mission of The Real Estate Council of Ontario (RECO)?
Answer: To support a fair, safe and informed real estate market for
consumers in Ontario through innovative regulation of the services
offered by those who trade in real estate.
●● How does RECO work in the public interest?
Answer: 1. Enforcing standards to obtain & maintain registration.
PAPER QUESTIONS WITH THOROUGH
ANSWER EXPLANATIONS
●● Whose role is it to enforce REBBA?
Answer: RECO
●● What is the purpose of REBBA?
Answer: To provide a framework for the responsive regulation of the
real estate profession to protect consumers and ensure the integrity of
real estate transactions is upheld.
●● What Ontario government body is responsible for REBBA?
Answer: The Ministry of Government and Consumer Services is
'responsible' for REBBA, but it's RECO's role to interpret, enforce and
suggest changes to REBBA.
●● What does the term 'Registrant' refer to?
Answer: Any individual OR brokerage that is registered to trade in real
estate.
●● What is the purpose of REBBA's Code of Ethics?
, Answer: To set minimum standards to help ensure no misunderstanding
or ambiguity exists in the minds of sellers and buyers about what they
should expect when interacting with a real estate professional.
●● What is the fundamental objective of REBBA's Code of Ethics?
Answer: To protect sellers and buyers by outlining professional and
ethical standards to be upheld during all real estate activities.
●● What are the 3 tenants of REBBA's Code of Ethics?
Answer: - Fairness and Honesty
- Conscientious and Competent Service
- Services from Others
●● The Real Estate Council of Ontario (RECO) administers REBBA on
behalf of who?
Answer: The provincial government (Ontario)
●● What is the mission of The Real Estate Council of Ontario (RECO)?
Answer: To support a fair, safe and informed real estate market for
consumers in Ontario through innovative regulation of the services
offered by those who trade in real estate.
●● How does RECO work in the public interest?
Answer: 1. Enforcing standards to obtain & maintain registration.
