Humber Real Estate - Course 1 questions with correct answers

What does REBBA stand for? CORRECT ANSWER The Real Estate and Business Brokers Act Whose role is it to enforce REBBA? CORRECT ANSWER RECO What is the purpose of REBBA? CORRECT 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? CORRECT 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? CORRECT ANSWER Any individual OR brokerage that is registered to trade in real estate. What is the purpose of REBBA's Code of Ethics? CORRECT 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.