MASTER SET HUMBER REAL ESTATE COURSE: 1 questions with correct answers

What does REBBA stand for? CORRECT ANSWER Real Estate and Business Brokers Act Whose role is it to enforce REBBA? CORRECT ANSWER RECO Purpose of REBBA? CORRECT ANSWER 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. 'Registrant' CORRECT ANSWER Any individual OR brokerage that is registered to trade in real estate. Purpose of REBBA's Code of Ethics? CORRECT ANSWER 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. Fundamental objective of REBBA's Code of Ethics? CORRECT ANSWER To protect sellers and buyers by outlining professional and ethical standards to be upheld during all real estate activities. 3 tenants of REBBA's Code of Ethics? CORRECT ANSWER - Fairness and Honesty