Humber Real Estate Course 1: Modules
1-3 questions and (VERIFIED) answers
rated A+
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
real estate - ✔️✔️typically refers solely to the tangible aspects of a property, the land
and improvements
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
real property - ✔️✔️includes the tangible aspects (real estate) and the intangible (the
rights)
adverse possession/squatters' rights - ✔️✔️- occurs when an individual who isn't the
owner takes possession of the property without consent of the owner
- is possible for occupier of land to claim legal ownership
- claimant's possession must be visible, exclusive, and continuous for a period (in
Ontario, min. 10 years) without the consent of the owner but with the owner's knowledge
- no title claims by adverse possession can occur under land titles
air rights - ✔️✔️The rights to use the air above the land.
Borrower - ✔️✔️mortgagor under Registry Act; chargor under Land Titles Act
bundle of rights - ✔️✔️The rights of an owner to possess, control, enjoy, sell, lease,
mortgage, and dispose of the property.
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).
, chain of title - ✔️✔️The series of deeds by which title to a piece of property was
transferred
from one owner to the next, over the course of the property's history.
Charge/Mortgage of Land - ✔️✔️document used to register the mortgage against a
property
chattels - ✔️✔️the moveable possessions; by default they're excluded from purchase;
any chattel to remain should be identified in agreement of purchase & sale
co-operating brokerage - ✔️✔️A brokerage (typically representing the buyer) who is
cooperating with a listing brokerage in a real estate trade.
co-operative - ✔️✔️joint ownership alternative in which a property is owned by a
corporation & members have an agreement to occupy a specific unit; can be either with
share capital (equity co-operative) or without share capital (non-profit co-operative)
co-ownership - ✔️✔️- 2 or more persons own property jointly
- is a tenant in common ownership alternative, in which deed outlines proportionate
interest in property held by each owner (doesn't need to be equally divided)
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
common elements condominium (CEC) - ✔️✔️- consists only of common elements
(e.g., roads, parking lots, common green space) and has no units
- owners enjoy common elements and pay maintenance fees for common elements
- owner has ownership interest in their property and undivided interest in common
elements
- owner's property is "tied" to the CEC that's referred to as a parcel of tied land (POTL)
concurrent ownership - ✔️✔️- ownership by two or more persons at the same time
- can be disposed of by agreement of the owners
- 2 categories: joint tenancy, tenancy in common
condominium ownership definition - ✔️✔️form of ownership where there's fee simple
ownership of the unit and tenant in common ownership of the common elements; an
individual holds shares in a condo corporation
creating an easement through express grant - ✔️✔️an owner decides to grant a
privilege (a right-of-way or easement) in favour of another owner
1-3 questions and (VERIFIED) answers
rated A+
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
real estate - ✔️✔️typically refers solely to the tangible aspects of a property, the land
and improvements
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
real property - ✔️✔️includes the tangible aspects (real estate) and the intangible (the
rights)
adverse possession/squatters' rights - ✔️✔️- occurs when an individual who isn't the
owner takes possession of the property without consent of the owner
- is possible for occupier of land to claim legal ownership
- claimant's possession must be visible, exclusive, and continuous for a period (in
Ontario, min. 10 years) without the consent of the owner but with the owner's knowledge
- no title claims by adverse possession can occur under land titles
air rights - ✔️✔️The rights to use the air above the land.
Borrower - ✔️✔️mortgagor under Registry Act; chargor under Land Titles Act
bundle of rights - ✔️✔️The rights of an owner to possess, control, enjoy, sell, lease,
mortgage, and dispose of the property.
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).
, chain of title - ✔️✔️The series of deeds by which title to a piece of property was
transferred
from one owner to the next, over the course of the property's history.
Charge/Mortgage of Land - ✔️✔️document used to register the mortgage against a
property
chattels - ✔️✔️the moveable possessions; by default they're excluded from purchase;
any chattel to remain should be identified in agreement of purchase & sale
co-operating brokerage - ✔️✔️A brokerage (typically representing the buyer) who is
cooperating with a listing brokerage in a real estate trade.
co-operative - ✔️✔️joint ownership alternative in which a property is owned by a
corporation & members have an agreement to occupy a specific unit; can be either with
share capital (equity co-operative) or without share capital (non-profit co-operative)
co-ownership - ✔️✔️- 2 or more persons own property jointly
- is a tenant in common ownership alternative, in which deed outlines proportionate
interest in property held by each owner (doesn't need to be equally divided)
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
common elements condominium (CEC) - ✔️✔️- consists only of common elements
(e.g., roads, parking lots, common green space) and has no units
- owners enjoy common elements and pay maintenance fees for common elements
- owner has ownership interest in their property and undivided interest in common
elements
- owner's property is "tied" to the CEC that's referred to as a parcel of tied land (POTL)
concurrent ownership - ✔️✔️- ownership by two or more persons at the same time
- can be disposed of by agreement of the owners
- 2 categories: joint tenancy, tenancy in common
condominium ownership definition - ✔️✔️form of ownership where there's fee simple
ownership of the unit and tenant in common ownership of the common elements; an
individual holds shares in a condo corporation
creating an easement through express grant - ✔️✔️an owner decides to grant a
privilege (a right-of-way or easement) in favour of another owner
