Humber Real Estate - Course 1Questions with 100% Correct Answer

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. What is the 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. What are the 3 tenants of REBBA's Code of Ethics? - Correct Answer - Fairness and Honesty - Conscientious and Competent Service - Services from Others The Real Estate Council of Ontario (RECO) administers REBBA on behalf of who? - Correct Answer The provincial government (Ontario) What is the mission of The Real Estate Council of Ontario (RECO)? - Correct 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? - Correct Answer 1. Enforcing standards to obtain & maintain registration. 2. Establishing education standards. 3. Establishing & administering insurance requirements (including consumer deposit protection).