MASTER SET HUMBER REAL ESTATE COURSE: 1 QUESTIONSAND ANSWERS ALREADY PASSED

MASTER SET HUMBER REAL ESTATE COURSE: 1 QUESTIONSAND ANSWERS ALREADY PASSED 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' 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)? 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? 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? The brokerage (NOT the individual broker or salesperson). Under REBBA, all brokers and salespersons are deemed employees of the brokerage. 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 '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. What is required to maintain registration as a salesperson? Paying annual fees and additional educational requirements. Define 'Broker of Record' An individual who is a broker and is designated by the brokerage to ensure compliance with REBBA. What is the job of the Broker of Record? To be responsible for all activities of the brokerage, including all brokers, salespersons and all other employees of the brokerage and to ensure compliance with REBBA. 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. 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 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). What personal circumstances might affect fitness for registration and must be disclosed when registering with RECO?