1|Page | © copyright 2024/2025 | Grade A+
MASTER SET HUMBER REAL ESTATE
COURSE: 1 Questions and Correct
Answers (100% Pass)
What does REBBA stand for?
✓ Real Estate and Business Brokers Act
Whose role is it to enforce REBBA?
✓ RECO
Purpose of REBBA?
✓ 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?
✓ 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'
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
✓ Any individual OR brokerage that is registered to trade in real estate.
Purpose of REBBA's Code of Ethics?
✓ 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?
✓ 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?
✓ - Fairness and Honesty
✓ - Conscientious and Competent Service
✓ - Services from Others
The Real Estate Council of Ontario (RECO) administers REBBA on behalf of
who?
✓ The provincial government (Ontario)
Mission of The Real Estate Council of Ontario (RECO)?
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
✓ 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?
✓ 1. Enforcing standards to obtain & maintain registration.
✓ 2. Establishing education standards.
✓ 3. Establishing & administering insurance requirements (including
✓ consumer 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.
What is required to trade in real estate in Ontario?
✓ Registration with RECO
What is RECO's definition of 'Trading' in real estate?
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
✓ Trading includes any activity, such as listing a property for sale, showing
a
✓ property to a buyer, negotiating an offer for a seller or a buyer, or any
act,
✓ advertisement or conduct that would further any purchase, sale,
exchange, option, lease or rental of a property.
General term used to refer to all brokerages, brokers & salespersons
registered under REBBA?
✓ Registrant
What are the 3 professional categories permitted under REBBA?
✓ Brokerage, Broker & Salesperson
Define "'Brokerage'
✓ A corporation, partnership or sole proprietorship that trades in real
estate on behalf of others for compensation or reward, or expectation
thereof.
Who represents or provides services to a seller or buyer?
Master01 | October, 2024/2025 | Latest update
MASTER SET HUMBER REAL ESTATE
COURSE: 1 Questions and Correct
Answers (100% Pass)
What does REBBA stand for?
✓ Real Estate and Business Brokers Act
Whose role is it to enforce REBBA?
✓ RECO
Purpose of REBBA?
✓ 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?
✓ 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'
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
✓ Any individual OR brokerage that is registered to trade in real estate.
Purpose of REBBA's Code of Ethics?
✓ 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?
✓ 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?
✓ - Fairness and Honesty
✓ - Conscientious and Competent Service
✓ - Services from Others
The Real Estate Council of Ontario (RECO) administers REBBA on behalf of
who?
✓ The provincial government (Ontario)
Mission of The Real Estate Council of Ontario (RECO)?
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
✓ 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?
✓ 1. Enforcing standards to obtain & maintain registration.
✓ 2. Establishing education standards.
✓ 3. Establishing & administering insurance requirements (including
✓ consumer 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.
What is required to trade in real estate in Ontario?
✓ Registration with RECO
What is RECO's definition of 'Trading' in real estate?
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
✓ Trading includes any activity, such as listing a property for sale, showing
a
✓ property to a buyer, negotiating an offer for a seller or a buyer, or any
act,
✓ advertisement or conduct that would further any purchase, sale,
exchange, option, lease or rental of a property.
General term used to refer to all brokerages, brokers & salespersons
registered under REBBA?
✓ Registrant
What are the 3 professional categories permitted under REBBA?
✓ Brokerage, Broker & Salesperson
Define "'Brokerage'
✓ A corporation, partnership or sole proprietorship that trades in real
estate on behalf of others for compensation or reward, or expectation
thereof.
Who represents or provides services to a seller or buyer?
Master01 | October, 2024/2025 | Latest update
