Humber Real Estate

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...

- Attend a listing or offer presentation in a support role with a salesperson (i.e. taking photos or measuring rooms) - Set up listing files, complete marketing sheets, submit listings & changes to the MLS - Witness a seller or buyer signature - Schedule appts for a broker / salesperson - Draft offers based on directions of a broker / salesperson - Provide listing info to consumers (i.e. a flyer) - Prepare promo material or place "For Sale" or "Sold" sign on property - Install lockbox...

Humber Real Estate - Course 1, Module 4| 94 questions and answers.

Industrial buildings range from warehouses that are typically 25,000 to 100,000 square feet, to a ________________________. 7500 acre oil refinery What 3 categories are industrial properties divided into? - General Purpose - Special Purpose - Single Purpose Industrial properties are typically constructed with ____________________________, or a combination. Concrete block, poured concrete, steel Block buildings, often with _________ facing on the front and two sides, are...

The side of the street that abuts or borders a public street or highway - except for waterfront properties which is considered the side that border the body of water. Define 'Frontage' The distance between the front and the rear lot lines. Define 'Lot Depth' The distance between the two side lot lines. Define 'Lot Width' The overall area of the lot. It can be stated in either square feet, square meters, hectares or acres. Define 'Lot Size' That which is wi...

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. Under Ontario law, how is an 'agency relationship' defined? Client & Customer While common law uses the terms 'Principal' and 'Third Party', what terms does REBBA use instead? The Common Law of Agency The underlying relationship of the brokerage, salesperson, seller and buyer is based on what? Some...

A self-contained housing unit with one or more habitable rooms containing at minimum a kitchen, bathroom facilities and an exit from the building. Define a 'Dwelling Unit' - A duplex is under single ownership (under 1 title) ... the dwelling units can then be lived in or rented out - The 2 dwelling units in a semi-detached structure are each owned separately (under 2 titles) What is the difference between a semi-detached structure and a vertically divided duplex? The interest ...

- Zoning - the highest and best use should conform with the zoning, unless there is a probable and imminent prospect that the zoning will change or be amended to accommodate the highest or best use estimate not currently legal - Physical possibility of the proposed use in relation to factors such as the size or shape of the lot, soil condition, water drainage, etc. - The demand for the proposed use along with its economic and financial feasibility What are 3 key factors that an appraiser ...

If you are unable to address these areas satisfactorily, you may need to conduct a further review with a lawyer or other third-party experts. Note: You may be asked to provide the lawyer (or third-party experts) with a verbal or written summary of the issue to address separately with the client. If after reviewing a commercial agreement of purchase and sale, your client still has areas they don't understand, what should you do? Standard business hours rather than setting the time per...

- The effective date and expiry date of the agreement (can only be one expiry date) - The method for calculating commission or other remuneration payable to the brokerage (in the case of a seller, the amount payable) - How the commission or other remuneration will be paid - The services that the brokerage will provide under the agreement What 4 things must be specified on both representation and customer service agreements? The expiry date If the term of a representation or customer ...