OREA Real Estate and Business Brokers Act

Question 1

Under the Real Estate and Business Brokers Act, 2002 (REBBA), which regulatory body is responsible for administering and enforcing the Act in Ontario?

Accepted Answer

The Real Estate Council of Ontario (RECO)

Answer

The Ontario Real Estate Association (OREA)

Answer

The Ministry of Government and Consumer Services

Answer

The Canadian Real Estate Association (CREA)

Question 2

What is the minimum requirement for a person to trade in real estate in Ontario under REBBA 2002?

Accepted Answer

They must be registered with RECO

Answer

They must hold a university degree in real estate

Answer

They must have at least 5 years of experience

Answer

They must be a Canadian citizen

Question 3

Which of the following activities constitutes 'trading' in real estate under REBBA 2002?

Accepted Answer

Negotiating the purchase of a property on behalf of another person for compensation

Answer

Personally renovating your own home

Answer

Visiting open houses as a prospective buyer

Answer

Reading real estate market reports

Question 4

Under REBBA 2002, what is the maximum fine for an individual convicted of trading in real estate without registration?

Accepted Answer

$50,000

Answer

$10,000

Answer

$25,000

Answer

$100,000

Question 5

What type of insurance must all registered brokerages maintain under REBBA 2002?

Accepted Answer

Errors and omissions insurance

Answer

Life insurance for all salespersons

Answer

Property damage insurance

Answer

General liability insurance only

Question 6

Under REBBA 2002, which of the following is a registrant's obligation regarding disclosure of interest?

Accepted Answer

A registrant must disclose any direct or indirect interest in a transaction to all parties

Answer

Disclosure is only required for commercial transactions

Answer

Disclosure is voluntary but recommended

Answer

Only brokers of record need to disclose interests