HUMBER REAL ESTATE - COURSE 1,
MODULE 1
REBBA Definition - Correct Answers -The Real Estate and Business Brokers Act
Enforcement of REBBA - Correct Answers -RECO
Purpose of REBBA - Correct Answers -Framework for regulation of real estate
profession to protect consumers and ensure transaction integrity
Ontario Government Body for REBBA - Correct Answers -Ministry of Government and
Consumer Services; RECO interprets, enforces, and suggests changes
Definition of 'Registrant' - Correct Answers -Individual or brokerage registered to trade
in real estate
Purpose of REBBA's Code of Ethics - Correct Answers -Set minimum standards for
clear expectations in real estate interactions
Objective of REBBA's Code of Ethics - Correct Answers -Protect sellers and buyers with
professional and ethical standards
Define 'Earnest Money' - Correct Answers -A deposit made by the buyer to demonstrate
their serious intent to purchase the property.
What is 'Closing Costs' in a real estate transaction? - Correct Answers -Expenses
incurred by the buyer and seller during the closing of a real estate deal, including fees
for services rendered.
Explain the term 'Contingency' in real estate contracts - Correct Answers -A condition
that must be met for the real estate contract to be binding, such as a satisfactory home
inspection.
3 Tenets of REBBA's Code of Ethics - Correct Answers -- Fairness and Honesty
- Conscientious and Competent Service
- Services from Others
MODULE 1
REBBA Definition - Correct Answers -The Real Estate and Business Brokers Act
Enforcement of REBBA - Correct Answers -RECO
Purpose of REBBA - Correct Answers -Framework for regulation of real estate
profession to protect consumers and ensure transaction integrity
Ontario Government Body for REBBA - Correct Answers -Ministry of Government and
Consumer Services; RECO interprets, enforces, and suggests changes
Definition of 'Registrant' - Correct Answers -Individual or brokerage registered to trade
in real estate
Purpose of REBBA's Code of Ethics - Correct Answers -Set minimum standards for
clear expectations in real estate interactions
Objective of REBBA's Code of Ethics - Correct Answers -Protect sellers and buyers with
professional and ethical standards
Define 'Earnest Money' - Correct Answers -A deposit made by the buyer to demonstrate
their serious intent to purchase the property.
What is 'Closing Costs' in a real estate transaction? - Correct Answers -Expenses
incurred by the buyer and seller during the closing of a real estate deal, including fees
for services rendered.
Explain the term 'Contingency' in real estate contracts - Correct Answers -A condition
that must be met for the real estate contract to be binding, such as a satisfactory home
inspection.
3 Tenets of REBBA's Code of Ethics - Correct Answers -- Fairness and Honesty
- Conscientious and Competent Service
- Services from Others
