OREA Real Estate and Business Brokers Act 4

Question 1

Under REBBA 2002, what is the registrant's obligation when they discover an error in a transaction document?

Accepted Answer

Correct it immediately and notify all affected parties

Answer

Ignore it if it is minor

Answer

Wait until closing to address it

Answer

Only report it if the client notices

Question 2

How does REBBA 2002 define a 'brokerage'?

Accepted Answer

A corporation, partnership, or sole proprietorship that is registered to trade in real estate

Answer

Any individual who sells real estate

Answer

Only a corporation with at least 10 salespersons

Answer

A government agency that regulates real estate

Question 3

What continuing education requirements exist under REBBA 2002?

Accepted Answer

Registrants must complete mandatory continuing education courses during each registration cycle

Answer

There are no continuing education requirements

Answer

Only Brokers of Record need continuing education

Answer

Continuing education is required only in the first year of registration

Question 4

Under REBBA 2002, what is a registrant's obligation regarding competing offers?

Accepted Answer

A registrant must convey all offers to their client as quickly as possible unless otherwise directed in writing

Answer

The registrant may choose which offers to present to their client

Answer

Only the highest offer needs to be presented

Answer

Competing offers should be held until the first offer expires

Question 5

What restrictions does REBBA 2002 place on a registrant who is buying or selling their own property?

Accepted Answer

The registrant must disclose their registration status to all parties in writing before any offer is made

Answer

No restrictions apply when dealing with personal property

Answer

The registrant can act without disclosure if using a different brokerage

Answer

Only verbal disclosure is required

Question 6

Under REBBA 2002, what authority does the Registrar have regarding investigations?

Accepted Answer

The Registrar can appoint investigators to conduct inspections and investigations at any time

Answer

The Registrar can only investigate after receiving a formal complaint

Answer

The Registrar must obtain a court order before any investigation

Answer

Investigations can only be conducted by external auditors