Course 1 Exam Prep Exam
Questions And Answers 2025
Update
What are the 6 major roles of RECO?
(HINT* RECO + ICI) - ✔✔✔ANSWER-1. Registration/renewal standards
2. Education standards
3. Complaints (registrant conduct)
4. Insurance
5. Consumer protection info/education
6. Inspections
,what is "trading" in real estate? - ✔✔✔ANSWER-RECO registers registrants to
trade under REBBA. Trade is broadly defined to capture most real estate activities:
sale, purchase, exchange, option, lease, rental, attempt to list within intention to
acquire/dispose, or any related conduct/act
differentiate between RECO and organized real estate - ✔✔✔ANSWER-RECO
regulates real estate trading for ALL registrants.
Organized real estate provides services to about 85% (estimate only) of those
registrants
describe what organized real estate is - ✔✔✔ANSWER-organized real estate refers
to salesperson, brokers, and brokerages who are members of national associations,
provincial/territorial associations and real estate boards as per the three-way
agreement.
True of false, membership in organized real estate is mandatory - ✔✔✔ANSWER-
FALSE.
all registrants must be registered with REBBA, but membership in organized real
estate is optional. Most registrants are members of organized real estate. If your
brokerage is a member, THEN you have to be a member too.
describe the three-way agreement of organized real estate - ✔✔✔ANSWER-a
document defining roles of CREA (Ottawa), OREA (Don Mills), and Local Real
Estate Board (TRREBB)
ex - Toronto Regional Real Estate Board (TREBB) and Kitchener-Waterloo
Association of REALTORS
, True or false, a real estate board (ex - TRREB) can now opt to be a direct member
of CREA without necessarily being a member of OREA - ✔✔✔ANSWER-TRUE
What does CREA do? - ✔✔✔ANSWER-- co-operates with other national
organizations as well as the National Association of Realtors (USA).
- provides assistance and arbitration services to provincial associations/real estate
boards
- oversees REALTOR code of ethics, trademarks, and certification marks
- set rules for MLS
- operate national property data base (realtor.ca)
what is the difference between the CREA REALTOR Code of Ethics and REBBA
Code of Ethics? - ✔✔✔ANSWER-The REALTOR Code applies to members of
organized real estate in Ontario (members of CREA, OREA, and local boards) and
REBBA Code of Ethics applies to ALL registrants in province
Which organization is described?
string emphasis on provincial government lobbying and offers many services to
members including providing standard forms, handling arbitration appeals
involving members of different boards, providing guidance on MLS-related
rules/regulations, and operating the Realtor Care Foundation. - ✔✔✔ANSWER-
OREA
(Ontario Real Estate Association)
which organization is described below?
- offers various member services, which vary by size
Questions And Answers 2025
Update
What are the 6 major roles of RECO?
(HINT* RECO + ICI) - ✔✔✔ANSWER-1. Registration/renewal standards
2. Education standards
3. Complaints (registrant conduct)
4. Insurance
5. Consumer protection info/education
6. Inspections
,what is "trading" in real estate? - ✔✔✔ANSWER-RECO registers registrants to
trade under REBBA. Trade is broadly defined to capture most real estate activities:
sale, purchase, exchange, option, lease, rental, attempt to list within intention to
acquire/dispose, or any related conduct/act
differentiate between RECO and organized real estate - ✔✔✔ANSWER-RECO
regulates real estate trading for ALL registrants.
Organized real estate provides services to about 85% (estimate only) of those
registrants
describe what organized real estate is - ✔✔✔ANSWER-organized real estate refers
to salesperson, brokers, and brokerages who are members of national associations,
provincial/territorial associations and real estate boards as per the three-way
agreement.
True of false, membership in organized real estate is mandatory - ✔✔✔ANSWER-
FALSE.
all registrants must be registered with REBBA, but membership in organized real
estate is optional. Most registrants are members of organized real estate. If your
brokerage is a member, THEN you have to be a member too.
describe the three-way agreement of organized real estate - ✔✔✔ANSWER-a
document defining roles of CREA (Ottawa), OREA (Don Mills), and Local Real
Estate Board (TRREBB)
ex - Toronto Regional Real Estate Board (TREBB) and Kitchener-Waterloo
Association of REALTORS
, True or false, a real estate board (ex - TRREB) can now opt to be a direct member
of CREA without necessarily being a member of OREA - ✔✔✔ANSWER-TRUE
What does CREA do? - ✔✔✔ANSWER-- co-operates with other national
organizations as well as the National Association of Realtors (USA).
- provides assistance and arbitration services to provincial associations/real estate
boards
- oversees REALTOR code of ethics, trademarks, and certification marks
- set rules for MLS
- operate national property data base (realtor.ca)
what is the difference between the CREA REALTOR Code of Ethics and REBBA
Code of Ethics? - ✔✔✔ANSWER-The REALTOR Code applies to members of
organized real estate in Ontario (members of CREA, OREA, and local boards) and
REBBA Code of Ethics applies to ALL registrants in province
Which organization is described?
string emphasis on provincial government lobbying and offers many services to
members including providing standard forms, handling arbitration appeals
involving members of different boards, providing guidance on MLS-related
rules/regulations, and operating the Realtor Care Foundation. - ✔✔✔ANSWER-
OREA
(Ontario Real Estate Association)
which organization is described below?
- offers various member services, which vary by size
