Humber Real Estate Course 1: Modules 1-3
UPDATED Study Guide QUESTIONS
AND CORRECT ANSWERS
Real Estate and Business Brokers Act (REBBA) - CORRECT ANSWERS
- regulates real estate trading
- Ministry of Government & Consumer Services is responsible for it
- RECO enforces it
- provides a framework for the regulation of the profession to protect consumers
& ensure integrity of interactions is upheld
REBBA Code of Ethics - CORRECT ANSWERS - objective is to protect
sellers & buyers by outlining standards to be upheld during all real estate
activities
- Fairness & Honesty
- Conscientious & Competent Service
- Services From Others
Code of Ethics: Services From Others - CORRECT ANSWERS must
advise a seller/buyer to obtain services from another person if the registrant isn't
able to provide the services
listing brokerage - CORRECT ANSWERS when a brokerage has a
property listed for sale
co-operating brokerage - CORRECT ANSWERS A brokerage (typically
representing the buyer) who is cooperating with a listing brokerage in a real
estate trade.
, buyer's brokerage - CORRECT ANSWERS The term used to refer to the
buyer's brokerage when the seller doesn't have their property listed for sale with
a brokerage (privately selling their home).
lessor - CORRECT ANSWERS the one who grants the lease, the
landlord
lessee - CORRECT ANSWERS the tenant
representation relationship - CORRECT ANSWERS - the party is a client
- an agency relationship has been established between the 2 parties
- both regulatory (REBBA) & fiduciary obligations on the brokerage
fiduciary obligatons - CORRECT ANSWERS brokerage is required to:
- be loyal
- not disclose confidential information
- promote & protect the seller/buyer's best interests
providing services relationship - CORRECT ANSWERS - the party is a
customer who is receiving services from a brokerage (e.g., get info on a house
for sale but represent themselves)
- brokerage must treat party with fairness, honesty, and ensure any info provided
is accurate
- no fiduciary obligations
representation agreement - CORRECT ANSWERS used when a
brokerage represents a seller (listing agreement) or buyer (buyer representation
agreement) as a client
UPDATED Study Guide QUESTIONS
AND CORRECT ANSWERS
Real Estate and Business Brokers Act (REBBA) - CORRECT ANSWERS
- regulates real estate trading
- Ministry of Government & Consumer Services is responsible for it
- RECO enforces it
- provides a framework for the regulation of the profession to protect consumers
& ensure integrity of interactions is upheld
REBBA Code of Ethics - CORRECT ANSWERS - objective is to protect
sellers & buyers by outlining standards to be upheld during all real estate
activities
- Fairness & Honesty
- Conscientious & Competent Service
- Services From Others
Code of Ethics: Services From Others - CORRECT ANSWERS must
advise a seller/buyer to obtain services from another person if the registrant isn't
able to provide the services
listing brokerage - CORRECT ANSWERS when a brokerage has a
property listed for sale
co-operating brokerage - CORRECT ANSWERS A brokerage (typically
representing the buyer) who is cooperating with a listing brokerage in a real
estate trade.
, buyer's brokerage - CORRECT ANSWERS The term used to refer to the
buyer's brokerage when the seller doesn't have their property listed for sale with
a brokerage (privately selling their home).
lessor - CORRECT ANSWERS the one who grants the lease, the
landlord
lessee - CORRECT ANSWERS the tenant
representation relationship - CORRECT ANSWERS - the party is a client
- an agency relationship has been established between the 2 parties
- both regulatory (REBBA) & fiduciary obligations on the brokerage
fiduciary obligatons - CORRECT ANSWERS brokerage is required to:
- be loyal
- not disclose confidential information
- promote & protect the seller/buyer's best interests
providing services relationship - CORRECT ANSWERS - the party is a
customer who is receiving services from a brokerage (e.g., get info on a house
for sale but represent themselves)
- brokerage must treat party with fairness, honesty, and ensure any info provided
is accurate
- no fiduciary obligations
representation agreement - CORRECT ANSWERS used when a
brokerage represents a seller (listing agreement) or buyer (buyer representation
agreement) as a client
