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Humber College Real Estate Essentials Topics

Humber College Real Estate Essentials Topics


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Humber College Real Estate Essentials Topics

  • Amy Zhang developed these audio quizlets to aid students in studying for the real estate salesperson program exams.

  • As a program participant herself, she found these notes invaluable for her own exam preparation.

How to Use the NotesPassively Listen

  • Initially, listen during other activities such as working out or driving for a general understanding.

  • Rewind and replay unclear sections for better clarity.

Active Listening

  • After each section, pause to reflect on the information, aiding in retention.

Study Sessions

  • Re-listen to the notes without distractions when feeling ready.

  • Pause for questions asked, answer them, then listen to the response.

  • Continue this method until you feel prepared for the exam.

Module 1: Introducing the Real Estate Profession

  • Understanding what REBBA stands for: The Real Estate and Business Brokers Act.

  • Identifying the enforcer of REBBA: RECO (Real Estate Council of Ontario).

  • The purpose of REBBA: Ensuring consumer protection and maintaining the integrity of real estate services.

  • The Ministry of Government and Consumer Services’ responsibility for REBBA.

  • RECO’s roles include interpreting, enforcing, and recommending amendments to REBBA.

Registrant

  • Definition: Any individual or brokerage registered to trade real estate.

Purpose of REBBA Code of Ethics

  • Establishes minimum standards to prevent misunderstandings between real estate professionals and their clients.

Fundamental Objective of Code of Ethics

  • Ensuring the protection of sellers and buyers by setting professional and ethical standards.

Three Tenants of Code of Ethics

  • Fairness and honesty.

  • Providing conscientious and competent service.

  • Recommending services from others when necessary.

RECO Administration

  • Administers REBBA for the Ontario provincial government.

RECO Mission

  • Aims to ensure a safe, fair, and informed real estate market in Ontario.

Working in the Public Interest

  • Enforces standards for registration and maintenance.

  • Sets educational benchmarks.

  • Manages insurance requirements including consumer deposit protection.

  • Handles inquiries and complaints, ensuring brokerage compliance.

  • Focuses on consumer protection education.

Brokerages, Brokers, Salespeople

  • Addresses and resolves industry-related issues.

Inspections

  • Ensures compliance and educates on regulations.

Consumer Protection

  • Provides essential information and education to sellers.

Real Estate Licensing in Ontario

Requirements to Trade in Real Estate

  • Humber College Real Estate Essentials Topics. Registration with RECO is mandatory.

  • Trading encompasses various real estate activities from listing to negotiating offers.

Definition of Trading

  • Includes listing properties, showing properties, and negotiating transactions.

Key Term

  • Registrant: Refers to all entities registered under RECO.

Professional Categories under RECO

  • Brokerage, Broker, Salesperson classifications.

Definition of Brokerage

  • Describes business entities trading in real estate on behalf of others.

Definition of Broker

  • An individual registered under RECO to trade in real estate.

Definition of Salesperson

  • A registered individual employed by a brokerage to trade in real estate.

Requirements to Maintain Registration as a Salesperson

  • Includes annual fees and ongoing educational criteria.

Definition of Broker of Record

  • A broker designated to ensure a brokerage’s compliance with RECO regulations.

Job of the Broker of Record

  • Oversees all brokerage activities.

Registration Requirements with RECO

  • Complete educational prerequisites and register once employed by a brokerage.

Post-Registration Education

  • Complete within two years after the initial exam.

Finding Employment

  • Must secure a position at a brokerage within one year before applying for registration.

Registration Documents

  • Include application forms, fees, and necessary checks.

Factors Affecting Registration

  • Reviews individual circumstances such as criminal records or bankruptcy.

RECO Insurance Coverage

  • Includes consumer deposit protection among other safeguards.

RECO Insurance Timing

  • Annual premium deadlines and policy periods.

Registration Renewal

  • Occurs every two years with RECO.

Real Estate Market Types

  • Defines seller’s, buyer’s, and balanced markets.

Main Areas of Real Estate

  • Encompasses residential, commercial, and other property types.

Types of Real Estate Properties

  • Various categories including residential, rural, and recreational.

Knowledge for Selling Rural and Recreational Properties

  • Understands utilities, terrain, zoning, and environmental laws.

Knowledge for Selling Farms

  • Covers land use, accessibility, and marketing strategies.

Factors Impacting Earnings

  • Influenced by market conditions and seasonal trends.

Commission Sharing Methods

  • Describes different brokerage compensation models.

Completing the Module

  • Reviews property types, earnings factors, and local regulations.



Why Choose Our Study Materials Package:

·       Aligned with Humber College Curriculum: Tailored specifically to meet the standards and expectations of Humber College's real estate exams, ensuring relevance and effectiveness.

·       Expertly Curated Content: Developed and reviewed by real estate professionals, ensuring accuracy, comprehensiveness, and up-to-date information.

·       Flexible and Comprehensive Learning Tools: Offering a blend of readings, questions, and flashcards, this package supports various learning styles and schedules, enabling efficient and effective study.

·       Confidence to Excel: Equip yourself with the knowledge, skills, and insights necessary to confidently challenge the Humber College Real Estate exams and advance towards obtaining your real estate license in Ontario.

Prepare to succeed in the Ontario real estate industry with the Humber College Ontario Real Estate Exam Preparation Study Materials Package. This all-in-one study solution is your key to mastering the courses, acing the exams, and stepping confidently into your real estate career. Get ready to unlock your potential and embark on a rewarding journey in the real estate profession.

Course 1: Real Estate Essentials

Introducing the Real Estate Profession

Introducing the Fundamentals of Real Estate

Introducing Property Ownership, Rights and Limitations

Introducing Land Description and Land Registration

Introducing the Real Estate and Business Brokers Act (REBBA)

Introducing the Key Legislation and Regulations

Introducing Other Relevant Legislation and Regulations

 

Course 2 Residential Real Estate Transactions

 

Explaining Services Available to a Seller or a Buyer

Documenting Relationships

Understanding Residential Property Types, Ownership, and Planning

Factors Impacting Residential Real Estate Negotiations

The Financial Aspects of the Buying and Selling Process and the Role of Third-Party Professionals

Understanding Residential Construction – Structural Components

Understanding Residential Construction – Mechanical Systems

Understanding Residential Construction – Internal and External Finishes

Preparing to Market a Residential Real Property

How Property Conditions Impact Disclosure Requirements

Property Value and Listing Price Considerations

Listing and Marketing Properties

Showing Residential Properties and Advising on Properties of Interest

The Offer Process and Regulatory Obligations

Introducing a Residential Agreement of Purchase and Sale

Completing a Residential Agreement of Purchase and Sale Including Terms for aBuyer or Seller

Writing Conditions to be included in an Agreement of Purchase and Sale

Completing a Residential Agreement of Purchase and Sale, Countering an Offer,and Working with Competing Offers

Additional Sale-Related Documents and Other Legal Obligations

Completing Real Estate Transactions

 

Course 3: Additional Residential Real Estate Transactions

 

Introducing Residential Condominiums

Preparing to Sell Residential Condominiums

Completing Agreements of Purchase and Sale for Residential Condominiums

Transactions Involving New Construction

Transactions Involving Rural Properties

Transactions Involving Residential Multi-Unit Dwellings

Preparing to Lease Residential Real Properties

Preparing to Lease Residential Condominiums

Completing Agreements to Lease for Residential Tenancies

 

Course 4: Commercial Real Estate Transactions

 

Introducing Commercial Real Estate

Understanding Commercial Construction

Identifying Requirements for Office and Retail Properties

Preparing to Sell Office and Retail Properties

Preparing to Sell Commercial Condominiums

Identifying Requirements for Industrial Properties

Preparing to Sell Industrial Properties

Showing Office, Retail or Industrial Properties and Advising on Properties of Interest

Completing Agreements of Purchase and Sale for Office and Retail Properties

Completing Agreements of Purchase and Sale for Commercial Condominiums

Completing Agreements of Purchase and Sale for Industrial Properties

Preparing to Lease Office, Retail and Industrial Properties

Transactions Involving Commercial Leasing

Transactions Involving Development Land and Farms

Transactions Involving Brokering the Sale of a Business

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