Humber Real Estate - Course 1, Module 6 UPDATED Study Guide QUESTIONS AND CORRECT ANSWERS

Humber Real Estate - Course 1, Module 2
ACTUAL QUESTIONS AND CORRECT
ANSWERS
What are the 2 types of offices a brokerage can have? -
CORRECT ANSWERS - Main brokerage office
- Branch office


Does every branch office require a Broker of Record? -
CORRECT ANSWERS No.
Only 1 Broker of Record is required for the main office only.
Each branch office is assigned its own Branch Manager to
provide supervision, compliance with REBBA & handle all
record management.


When a brokerage has a property for sale, what is the brokerage
identified as? - CORRECT ANSWERS The listing
brokerage


When a brokerage is working with a buyer, what is the brokerage
identified as? - CORRECT ANSWERS The co-operating
brokerage
OR
The buyer's brokerage (when it's a private sale, because the
buyer's is the only brokerage listed in the agreement as the seller
doesn't have one)

, The term 'Seller' (used by REBBA) is synonymous with the term
'__________' which may be used in other legislation. -
CORRECT ANSWERS Vendor


What word, under REBBA, is used to reference the selling aspect
of a real estate transaction? - CORRECT ANSWERS
Divestiture


The term 'Buyer' (used by REBBA) is synonymous with the term
'__________' which may be used in other legislation. -
CORRECT ANSWERS Purchaser


What word, under REBBA, is used to reference the purchasing
aspect of a real estate transaction? - CORRECT ANSWERS
Acquisition


What is another term for 'Landlord'? - CORRECT ANSWERS
Lessor


What is another term for 'Tenant'? - CORRECT ANSWERS
Lessee


What is the definition of a 'Landlord'? - CORRECT ANSWERS
A person or other entity (i.e. a corporation) that owns a
property that is leased to another person, rather than being
occupied by the owner.