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 a registrant's obligation when they receive an unsolicited offer while an existing offer is being considered?
Answer: Present the unsolicited offer to the seller as soon as practicable
Under REBBA 2002, a registrant must present all offers, including unsolicited ones, to the seller as soon as practicable, unless the seller has provided written direction otherwise.
Under REBBA 2002, what is the difference between a 'broker' and a 'salesperson'?
Answer: A broker has completed additional education and can manage a brokerage; a salesperson works under a broker
Under REBBA 2002, a broker has completed additional education beyond salesperson requirements and is eligible to manage or operate a brokerage. A salesperson must work under a brokerage and cannot operate independently.
What protections does REBBA 2002 provide for whistle-blowers who report violations?
Answer: REBBA 2002 prohibits retaliation against anyone who reports a violation in good faith
REBBA 2002 includes provisions protecting individuals who report violations in good faith from retaliation by their brokerage or other registrants.
Under REBBA 2002, what are the requirements for a brokerage's trust account?
Answer: The trust account must be maintained at a recognized financial institution in Ontario, clearly designated as a trust account
A brokerage's trust account must be maintained at a recognized financial institution in Ontario, clearly designated as a trust account, and separate from the brokerage's operating funds.
Under REBBA 2002, what is the Appeals Committee's role?
Answer: To hear appeals from registrants against decisions made by the Registrar
The Appeals Committee hears appeals from registrants who wish to challenge decisions made by the Registrar, such as refusal, suspension, or revocation of registration, or conditions placed on registration.
Under REBBA 2002, how are proceeds of disposition handled when a property is sold under power of sale?
Answer: Proceeds must be distributed according to priority of claims as established by law
When a property is sold under power of sale, the proceeds must be distributed according to the legally established priority of claims, including mortgage arrears, legal costs, and any surplus to the borrower.