Study guides, Class notes & Summaries

What are the 2 types of offices a brokerage can have? - Main brokerage office - Branch office Does every branch office require a Broker of Record? 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? The listing brokerage When a brokerage is working ...

Title Condominium owners hold ______ to their private living space (unit) and share ownership jointly of the common areas (common elements) with other owners in the condominium corporation. A legal entity that represents the collective interests of its property owners. What is the definition of a 'Condominium Corporation'? The condominium board Who establishes the rules and bylaws in a condominium? To secure the assets of the corporation and ensure residents live harmon...

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 - Ser...

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 sugge...

What does REBBA stand for? The Real Estate and Business Brokers Act Whose role is it to enforce REBBA? RECO What is the purpose of REBBA? To 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...

Absolute Advantage The economic advantage one nation enjoys that is absolutely superior to other nations. Accounting Profit Total revenue minus total explicit cost Acquisition a wholly owned subsidiary is created through direct foreign investment. Administrative Policy Bureaucratic rules that make it harder to import foreign goods. Agglomeration Clustering of economic activities in certain locations. Beyond geographic advantages, location-specific advantages also arise f...

Views on Globalization New, Evolutionary, and Pendulum "New" view on globalization A force sweeping through the world in recent times. "Evolutionary" view on globalization A long-run historical evolution since the dawn of human history "Pendulum" view on globalization One that swings from one extreme to another from time to time Foreign Direct Investment Direct investment in, control, and management of value-added activities in other countries Politi...

The opportunity cost of one good relative to another reflects: The slope of the budget constraint. Assume that an individual's budget decreases and that prices remain constant. What would happen to his/her budget constraint? The budget constraint line would Shift inward in a parallel manner Observing an individual's indifference curve demonstrates his/her Preferences Assume that Bob's income increases following a promotion at work, but prices do not change. What will h...

Which view claims that the phenomenon of globalization was initially driven by the desire of western economies to exploit their power through multinational enterprises? the new-force view Economic gains come from international trade because one country's exported goods, services, or other items are unique, valuable, and difficult to duplicate to the importing countries? Which view does this statement portray? Resource-based view What is the aggregation of importing and exportin...

WGU C211 Chapter 1 questions and answersGlobalization The process by which businesses or other organizations develop international influence or start operating on an international scale Import quota A limit on the number of products in certain categories that a nation can import Emerging economy Nations with social or business activity in the process of rapid growth and industrialization Global economic pyramid Pyramid that consists of all of the world's economies, comp...