Humber Real Estate Course 1: Modules 1-3 (2023/2024) Already Passed

Humber Real Estate Course 1: Modules 1-3 (2023/2024) Already Passed Real Estate and Business Brokers Act (REBBA) - regulates real estate trading - Ministry of Government & Consumer Services is responsible for it - RECO enforces it - provides a framework for the regulation of the profession to protect consumers & ensure integrity of interactions is upheld REBBA Code of Ethics - objective is to protect sellers & buyers by outlining standards to be upheld during all real estate activities - Fairness & Honesty - Conscientious & Competent Service - Services From Others Code of Ethics: Services From Others must advise a seller/buyer to obtain services from another person if the registrant isn't able to provide the services listing brokerage when a brokerage has a property listed for sale co-operating brokerage A brokerage (typically representing the buyer) who is cooperating with a listing brokerage in a real estate trade. buyer's brokerage The term used to refer to the buyer's brokerage when the seller doesn't have their property listed for sale with a brokerage (privately selling their home). lessor the one who grants the lease, the landlord lessee the tenant representation relationship - the party is a client - an agency relationship has been established between the 2 parties - both regulatory (REBBA) & fiduciary obligations on the brokerage fiduciary obligatons brokerage is required to: - be loyal - not disclose confidential information - promote & protect the seller/buyer's best interests providing services relationship - the party is a customer who is receiving services from a brokerage (e.g., get info on a house for sale but represent themselves) - brokerage must treat party with fairness, honesty, and ensure any info provided is accurate - no fiduciary obligations representation agreement used when a brokerage represents a seller (listing agreement) or buyer (buyer representation agreement) as a client customer service agreement used when a brokerage provides services to a customer. It can be non-exclusive methods of calculating commission - percentage of the sale or lease amount (can only decrease as the sale value goes up) - an agreed amount - a combination of both note: if no amount is agreed upon between seller/buyer & brokerage, prevailing rate in the community is used real estate typically refers solely to the tangible aspects of a property, the land and improvements improvements any structure or other permanent addition, such as a deck, shed, fence real property includes the tangible aspects (real estate) and the intangible (the rights) bundle of rights The rights of an owner to possess, control, enjoy, sell, lease, mortgage, and dispose of the property. personal property moveable items of the property and referred to as consumer goods (e.g., appliances, furniture). Generally, all property except land & improvements is considered to be personal property fixtures