TRESA Ontario Real Estate Legislation
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Questions and Answers

What is the new name of the legislation that governs real estate professionals and their activities in Ontario, Canada?

  • TRESA (correct)
  • Brokerage Act
  • RECO
  • REBBA

What is the role of a Broker of Record in a real estate brokerage?

  • To handle customer complaints
  • To manage the daily operations of the brokerage
  • To oversee the activities of real estate salespersons and brokers (correct)
  • To provide training to real estate salespersons and brokers

What is the primary responsibility of RECO?

  • To register real estate professionals
  • To enforce the standards of conduct for real estate professionals (correct)
  • To handle consumer complaints
  • To provide training to real estate salespersons and brokers

What is a registrant under TRESA?

<p>An individual or broker that is registered to trade (B)</p> Signup and view all the answers

What is the purpose of a brokerage?

<p>To provide a platform for real estate salespersons and brokers to conduct their business (C)</p> Signup and view all the answers

Who enforces TRESA?

<p>The Real Estate Council of Ontario (RECO) (B)</p> Signup and view all the answers

In a seller's market, which of the following is true?

<p>Properties sell quickly once listed for sale. (C)</p> Signup and view all the answers

What is the main role of a salesperson in a real estate transaction?

<p>To assist in real estate transactions and act as the main point of contact between sellers and buyers (D)</p> Signup and view all the answers

What type of real estate activity is most common for new salespeople?

<p>Residential resales (C)</p> Signup and view all the answers

In a buyer's market, what is likely to happen to property prices?

<p>They tend to fall (B)</p> Signup and view all the answers

What is unique about the work hours of a residential resale salesperson?

<p>They have irregular work hours, including weekends and statutory holidays (C)</p> Signup and view all the answers

What is an important aspect of selling rural, recreational, and agricultural properties?

<p>Researching each property's rules and regulations (D)</p> Signup and view all the answers

Flashcards

TRESA

The new legislation governing real estate professionals in Ontario.

Broker of Record

Oversees salespersons and brokers in a brokerage.

RECO

Enforces standards of conduct for real estate professionals in Ontario.

Registrant (TRESA)

Registered individual or broker under TRESA.

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Brokerage Purpose

Platform for salespeople and brokers to do business.

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TRESA Enforcement

Enforced by the Real Estate Council of Ontario (RECO).

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Seller's Market

Properties sell quickly after listing.

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Real Estate Salesperson Role

Assists in transactions; point person between buyers and sellers.

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New Salesperson Activity

Residential Resale is common for new real estate salespeople.

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Buyer's Market Property Prices

Property prices tend to fall in a buyer's market.

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Salesperson Work Hours

Real estate salesperson work hours are often irregular, including weekends and holidays.

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Rural/Recreational/Agricultural Sales

Selling these property types involves understanding specific rules and regulations.

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