Real Estate and Business Brokers Act Flashcards
6 cards from real OREA practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Real Estate and Business Brokers Act flashcards as text
Under REBBA 2002, what is the registrant's obligation when they discover an error in a transaction document?
Answer: Correct it immediately and notify all affected parties
Registrants have a duty to ensure accuracy in all transaction documents. When an error is discovered, it must be corrected promptly and all affected parties must be notified.
How does REBBA 2002 define a 'brokerage'?
Answer: A corporation, partnership, or sole proprietorship that is registered to trade in real estate
Under REBBA 2002, a brokerage is defined as a corporation, partnership, or sole proprietorship registered under the Act to trade in real estate. All salespersons and brokers must be employed by a registered brokerage.
What continuing education requirements exist under REBBA 2002?
Answer: Registrants must complete mandatory continuing education courses during each registration cycle
REBBA 2002 requires all registrants to complete mandatory continuing education (MCE) courses during each two-year registration cycle to maintain their registration.
Under REBBA 2002, what is a registrant's obligation regarding competing offers?
Answer: A registrant must convey all offers to their client as quickly as possible unless otherwise directed in writing
Under REBBA 2002, registrants must present all competing offers to their client as soon as possible. A client may provide written direction to not present certain types of offers, but the default obligation is to present all.
What restrictions does REBBA 2002 place on a registrant who is buying or selling their own property?
Answer: The registrant must disclose their registration status to all parties in writing before any offer is made
When a registrant is personally buying or selling property, they must disclose in writing to all parties that they are registered under REBBA 2002, even if they are not acting in a professional capacity.
Under REBBA 2002, what authority does the Registrar have regarding investigations?
Answer: The Registrar can appoint investigators to conduct inspections and investigations at any time
The Registrar has broad authority under REBBA 2002 to appoint investigators who can conduct inspections and investigations of registrants, including examining books, records, and documents, without requiring a formal complaint.