Humber Real Estate Course 1: Modules 1-3

Humber Real Estate Course 1: Modules 1-3

Questions and Verified Answers, 100% Score Guarantee Pass (Latest 2025) Real Estate and Business Brokers Act (REBBA) - Correct Answers ✅- 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 - Correct Answers ✅- objective is to protect sellers & buyers by outlining standards to be upheld during all real estate activities

• Fairness & Honesty
• Conscientious & Competent Service
• Services From Others

Code of Ethics: Services From Others - Correct Answers

✅must advise a seller/buyer to obtain services from another person if the registrant isn't able to provide the services listing brokerage - Correct Answers ✅when a brokerage has a property listed for sale co-operating brokerage - Correct Answers ✅A brokerage (typically representing the buyer) who is cooperating with a listing brokerage in a real estate trade. 1 / 3

Humber Real Estate Course 1: Modules 1-3

Questions and Verified Answers, 100% Score Guarantee Pass (Latest 2025) buyer's brokerage - Correct Answers ✅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).lessor - Correct Answers ✅the one who grants the lease, the landlord lessee - Correct Answers ✅the tenant representation relationship - Correct Answers ✅- the party is a client

• an agency relationship has been established between the 2

parties

• both regulatory (REBBA) & fiduciary obligations on the

brokerage fiduciary obligatons - Correct Answers ✅brokerage is

required to:

• be loyal
• not disclose confidential information
• promote & protect the seller/buyer's best interests 2 / 3

Humber Real Estate Course 1: Modules 1-3

Questions and Verified Answers, 100% Score Guarantee Pass (Latest 2025) providing services relationship - Correct Answers ✅- 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

representation agreement - Correct Answers ✅used when a brokerage represents a seller (listing agreement) or buyer (buyer representation agreement) as a client customer service agreement - Correct Answers ✅used when a brokerage provides services to a customer. It can be non-exclusive methods of calculating commission - Correct Answers ✅- percentage of the sale or lease amount (can only decrease as the sale value goes up)

• an agreed amount
• a combination of both

note: if no amount is agreed upon between seller/buyer &

brokerage, prevailing rate in the community is used

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