HUMBER REAL ESTATE - COURSE 2,
MODULE 1, EXPLAINING SERVICES
AVAILABLE TO A SELLER OR BUYER
The relationship between two parties in which one party (the agent) accepts
responsibility for representing the other party (the principal) in dealing with a third party.
- Correct Answers -Under Ontario law, how is an 'agency relationship' defined?
Client & Customer - Correct Answers -While common law uses the terms 'Principal' and
'Third Party', what terms does REBBA use instead?
The Common Law of Agency - Correct Answers -The underlying relationship of the
brokerage, salesperson, seller and buyer is based on what?
Someone who is not directly connected with a legal transaction but may be affected by
it, OR supporting one of the people involved, i.e. lawyer, home inspector, etc. - Correct
Answers -In relation to a contract, how is a third party defined?
Representation - Correct Answers -Under REBBA, what is the equivalent for the
legislative term for "agency"?
The brokerage - Correct Answers -In a real estate transaction, who is the 'Agent'?
A seller or buyer - Correct Answers -In a real estate transaction, who is usually the
'Principal'?
Representation - Correct Answers -Agency is also known as ...
Representation Agreement - Correct Answers -A Listing (Seller Agency) Agreement /
Buyer Agency Agreement is also known as ...
Agreement (Conveyance of Interest in Real Estate) - Correct Answers -Agreement of
Purchase and Sale is also know as ...
, Multiple Representation - Correct Answers -Dual Agency is also known as ...
Convey Offer - Correct Answers -Present Offer is also known as ...
Acquisition / Divestiture by Registrant - Correct Answers -Purchase / Sale by Registrant
The seller and buyer - Correct Answers -Who are the 'Parties' to a real estate
transaction?
Employee / Employer relationship with authorization to trade on behalf of their
respective brokerages. - Correct Answers -What type of relationship does a salesperson
have with their brokerage from a legal perspective?
Yes. Everyone must protect the client's best interests. - Correct Answers -Once an
agency relationship is established between a brokerage and a client, does the
agreement apply to all brokers & salespersons employed by the brokerage?
The agent who is authorized to trade in real estate on behalf of others. - Correct
Answers -Define 'Brokerage' according to REBBA
Client - Correct Answers -Principal is also known as ...
Someone who authorizes an agent to act on their behalf in an agency relationship, and
provides information and lawful instructions to the agent regarding the transaction. -
Correct Answers -What is a 'Principal'?
The seller - Correct Answers -When a brokerage represents a seller when listing a
property, who is the 'Principal'?
The buyer - Correct Answers -When a brokerage represents a buyer when showing
properties for sale, who is the 'Principal'?
Customer - Correct Answers -What is the comparable term to 'Third Party' under
REBBA?
Third Party - Correct Answers -A brokerage representing only a seller would consider a
buyer as a _________ or a customer?
A relationship of trust with one or more parties. - Correct Answers -What does
'Fiduciary' refer to in relation to a Representation Agreement?
Fiduciary - Correct Answers -An agent (brokerage) as a __________ has the legal
obligation to act in the principal's (seller's or buyer's) best interests.
- Full disclosure (of all facts known)
- Obedience (obey the lawful instructions of the principal)
MODULE 1, EXPLAINING SERVICES
AVAILABLE TO A SELLER OR BUYER
The relationship between two parties in which one party (the agent) accepts
responsibility for representing the other party (the principal) in dealing with a third party.
- Correct Answers -Under Ontario law, how is an 'agency relationship' defined?
Client & Customer - Correct Answers -While common law uses the terms 'Principal' and
'Third Party', what terms does REBBA use instead?
The Common Law of Agency - Correct Answers -The underlying relationship of the
brokerage, salesperson, seller and buyer is based on what?
Someone who is not directly connected with a legal transaction but may be affected by
it, OR supporting one of the people involved, i.e. lawyer, home inspector, etc. - Correct
Answers -In relation to a contract, how is a third party defined?
Representation - Correct Answers -Under REBBA, what is the equivalent for the
legislative term for "agency"?
The brokerage - Correct Answers -In a real estate transaction, who is the 'Agent'?
A seller or buyer - Correct Answers -In a real estate transaction, who is usually the
'Principal'?
Representation - Correct Answers -Agency is also known as ...
Representation Agreement - Correct Answers -A Listing (Seller Agency) Agreement /
Buyer Agency Agreement is also known as ...
Agreement (Conveyance of Interest in Real Estate) - Correct Answers -Agreement of
Purchase and Sale is also know as ...
, Multiple Representation - Correct Answers -Dual Agency is also known as ...
Convey Offer - Correct Answers -Present Offer is also known as ...
Acquisition / Divestiture by Registrant - Correct Answers -Purchase / Sale by Registrant
The seller and buyer - Correct Answers -Who are the 'Parties' to a real estate
transaction?
Employee / Employer relationship with authorization to trade on behalf of their
respective brokerages. - Correct Answers -What type of relationship does a salesperson
have with their brokerage from a legal perspective?
Yes. Everyone must protect the client's best interests. - Correct Answers -Once an
agency relationship is established between a brokerage and a client, does the
agreement apply to all brokers & salespersons employed by the brokerage?
The agent who is authorized to trade in real estate on behalf of others. - Correct
Answers -Define 'Brokerage' according to REBBA
Client - Correct Answers -Principal is also known as ...
Someone who authorizes an agent to act on their behalf in an agency relationship, and
provides information and lawful instructions to the agent regarding the transaction. -
Correct Answers -What is a 'Principal'?
The seller - Correct Answers -When a brokerage represents a seller when listing a
property, who is the 'Principal'?
The buyer - Correct Answers -When a brokerage represents a buyer when showing
properties for sale, who is the 'Principal'?
Customer - Correct Answers -What is the comparable term to 'Third Party' under
REBBA?
Third Party - Correct Answers -A brokerage representing only a seller would consider a
buyer as a _________ or a customer?
A relationship of trust with one or more parties. - Correct Answers -What does
'Fiduciary' refer to in relation to a Representation Agreement?
Fiduciary - Correct Answers -An agent (brokerage) as a __________ has the legal
obligation to act in the principal's (seller's or buyer's) best interests.
- Full disclosure (of all facts known)
- Obedience (obey the lawful instructions of the principal)
