Real Estate and Business Brokers Act Flashcards

Under the REBBA 2002 Code of Ethics, what is a registrant's primary obligation?

Answer: To protect and promote the interests of their client while treating all parties honestly

The Code of Ethics under REBBA 2002 requires registrants to protect and promote the best interests of their client while treating all parties to a transaction with fairness, honesty, and integrity.

What is the role of the 'Broker of Record' under REBBA 2002?

Answer: To ensure the brokerage complies with REBBA 2002 and supervise all registrants

The Broker of Record is responsible for ensuring the brokerage and all its registrants comply with REBBA 2002. This includes supervising salespersons and brokers, maintaining records, and handling trust accounts.

Under REBBA 2002, how long must a brokerage retain transaction records?

Answer: 6 years

Under REBBA 2002, brokerages must retain all records related to trades in real estate for a minimum of 6 years from the date the documents were created.

What happens to deposits received by a brokerage under REBBA 2002?

Answer: They must be placed into a trust account within 5 business days

REBBA 2002 requires that all deposits received in connection with a trade must be deposited into the brokerage's real estate trust account within 5 business days of receipt.

Which of the following would be grounds for RECO to refuse, suspend, or revoke a registration under REBBA 2002?

Answer: The registrant made a false statement on their registration application

Making a false statement or misrepresentation on a registration application is grounds for RECO to refuse, suspend, or revoke registration under REBBA 2002.

Under REBBA 2002, what is 'dual agency' now commonly referred to as in Ontario?

Answer: Multiple representation

In Ontario under REBBA 2002, when a brokerage represents both the buyer and seller in the same transaction, it is referred to as 'multiple representation.' Both parties must provide informed written consent.