Humber Real Estate - Course 1, Module 1 Questions And Answers Rated A+

Before you are able to register with RECO, what documents must you submit? - 1. Completed application form with fees (application review fee, 2 year registration fee & pro-rated insurance fee). 2. Criminal record check. 3. Canadian work permit (if required). Define 'Broker of Record' - An individual who is a broker and is designated by the brokerage to ensure compliance with REBBA. Define 'Broker' - An individual who has the prescribed qualifications to be registered as a broker under REBBA and who is employed by a brokerage to trade in real estate. Define 'Brokerage' - A corporation, partnership or sole proprietorship that trades in real estate on behalf of others for compensation or reward, or expectation thereof. Define 'Salesperson' - An individual with the prescribed qualifications to be registered as a salesperson under REBBA and who is employed by a brokerage to trade in real estate. Define a 'Balanced Market' - The number of listings is sufficient for the number of buyers. Define a 'Buyer's Market' - Available properties outnumber buyers looking to purchase. Define a 'Seller's Market' - Buyers outnumber available properties. How does RECO work in the public interest? - 1. Enforcing standards to obtain & maintain registration. 2. Establishing education standards. 3. Establishing & administering insurance requirements (includingconsumer deposit protection). 4. Addressing inquiries, concerns, & complaints about the conduct of a brokerage, broker, or salesperson and taking appropriate action. 5. Conducting inspections of brokerages to ensure compliance with REBBA and to educate brokers of record. 6. Consumer protection education and information for sellers & buyers involved in real estate transactions. How long does registration with RECO last before you need to renew? - 2 years Once registered, how long do you have to complete Post-Registration Education requirements? - 2 years Once you pass the Pre-Registration exam, how long do you have to find employment with a brokerage and apply for registration with RECO? - 1 year The Real Estate Council of Ontario (RECO) administers REBBA on behalf of who? - The provincial government (Ontario) What are the 3 professional categories permitted under REBBA? - Brokerage, Broker & Salesperson What are the 3 steps required to register with RECO? - 1. Complete the registration education requirements. 2. Register with RECO once employed by a brokerage. 3. Purchase insurance coverage through the RECO Insurance Program. What are the 3 tenants of REBBA's Code of Ethics? - - Fairness and Honesty - Conscientious and Competent Service - Services from OthersWhat are the main areas of real estate you can trade in? - - Residential resale - New home sales - Residential condominium - Rural, recreational & agricultural sales - Commercial - Leasing (commercial or residential)