OREA Real Estate and Business Brokers Act 2

Question 1

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

Accepted Answer

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

Answer

To maximize their commission

Answer

To complete transactions as quickly as possible

Answer

To represent both the buyer and seller equally in every transaction

Question 2

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

Accepted Answer

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

Answer

To personally close all transactions for the brokerage

Answer

To handle only commercial real estate deals

Answer

To manage the brokerage's marketing campaigns

Question 3

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

Accepted Answer

6 years

Answer

3 years

Answer

5 years

Answer

10 years

Question 4

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

Accepted Answer

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

Answer

They must be deposited into the brokerage's general operating account

Answer

They can be held in any account at the broker's discretion

Answer

They must be forwarded directly to the seller immediately

Question 5

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

Accepted Answer

The registrant made a false statement on their registration application

Answer

The registrant moved to a new address

Answer

The registrant changed brokerages

Answer

The registrant took a vacation longer than 30 days

Question 6

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

Accepted Answer

Multiple representation

Answer

Co-brokerage

Answer

Joint agency

Answer

Shared brokerage