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12 Questions

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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?

An individual or broker that is registered to trade Signup and view all the answers

What is the purpose of a brokerage?

To provide a platform for real estate salespersons and brokers to conduct their business Signup and view all the answers

Who enforces TRESA?

The Real Estate Council of Ontario (RECO) Signup and view all the answers

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

Properties sell quickly once listed for sale. Signup and view all the answers

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

To assist in real estate transactions and act as the main point of contact between sellers and buyers Signup and view all the answers

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

Residential resales Signup and view all the answers

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

They tend to fall Signup and view all the answers

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

They have irregular work hours, including weekends and statutory holidays Signup and view all the answers

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

Researching each property's rules and regulations Signup and view all the answers