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Humber Real Estate Course Tutor

Humber Real Estate Course Tutor
Humber Real Estate Course Tutor

If you've registered for Humber College Real Estate Salesperson Courses, and looking for Humber Real Estate Materials - you're in the right place.

Click Here to Get Your Humber College Real Estate Sales Person Exam Preparation Materials

Humber Real Estate Course Tutor

Humber Real Estate Student: How do I log into the Humber College “MyHumber” portal?

Humber Real Estate Tutor: To log into the MyHumber portal, visit the Humber College website, click on the “MyHumber” link at the top or bottom of the homepage, then enter your Humber College username and password. If it's your first time, you may need to activate your account using the information provided by the college.

Humber Real Estate Student: What is RECO?

Humber Real Estate Tutor: RECO stands for the Real Estate Council of Ontario. It regulates real estate professionals in Ontario, ensuring that the industry is fair, safe, and informed. RECO enforces standards, provides registration, and handles complaints about real estate agents and brokers.

Humber Real Estate Student: What is REBBA?

Humber Real Estate Tutor: REBBA is the Real Estate and Business Brokers Act, 2002. It's the legislation in Ontario that governs the conduct of real estate brokers and salespersons. It sets out the regulatory framework under which they must operate, including registration, professional conduct, and consumer protection.

Humber Real Estate Student: What is TRREB?

Humber Real Estate Tutor: TRREB stands for the Toronto Regional Real Estate Board. It is one of the largest real estate boards in Canada, providing services and support to real estate professionals in the Toronto region. TRREB offers MLS services, data and statistics, and professional development opportunities.

Humber Real Estate Student: What is Humber College Real Estate course 1?

Humber Real Estate Tutor: Course 1 is the Real Estate Essentials course. It introduces students to the basics of real estate as a profession, covering topics such as the real estate market, regulatory environment, and property ownership types. It's the foundational course for those entering the real estate field.

Humber Real Estate Student: What is Humber College Real Estate course 2?

Humber Real Estate Tutor: Course 2 is the Residential Real Estate Transactions course. It focuses on the process of buying and selling residential properties, including listing agreements, sales contracts, client representation, and the ethical considerations involved in these transactions.

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Humber Real Estate Student: What is Humber College Real Estate course 3?

Humber Real Estate Tutor: Course 3 is the Additional Residential Real Estate Transactions course. It builds on Course 2 by covering more complex residential transactions, such as condos, rural properties, and leaseholds. It also delves into financing options and the closing process.

Humber Real Estate Student: What is Humber College Real Estate course 4?

Humber Real Estate Tutor: Course 4 is the Commercial Real Estate Transactions course. It introduces students to the fundamentals of commercial real estate, including buying, selling, and leasing of commercial properties, and explores market analysis, valuation methods, and investment strategies.

Humber Real Estate Student: Why is there no exam for Humber Real Estate course 5?

Humber Real Estate Tutor: Course 5, which is the Real Estate Investment Analysis course, is designed as a capstone project instead of having a traditional exam. It requires students to apply knowledge from previous courses in a practical, real-world scenario, analyzing and presenting a comprehensive real estate investment proposal.

Humber Real Estate Student: What is Humber College Real Estate course 6 and 7?

Humber Real Estate Tutor: Course 6 is the Real Estate Law course, which covers the legal aspects of real estate transactions, including property laws, contracts, and the rights and obligations of buyers and sellers. Course 7 is the Business of Real Estate, focusing on the operational side of running a real estate business, including marketing, ethics, and managing client relationships.

Humber Real Estate Student: How much can I earn as a realtor in Ontario?

Humber Real Estate Tutor: Earnings as a realtor in Ontario can vary widely based on factors such as location, experience, and the number of transactions completed. On average, realtors can earn anywhere from $30,000 to over $100,000 per year. Top performers in high-demand areas may earn significantly more.

Humber Real Estate Student: What is OREA?

Humber Real Estate Tutor: OREA stands for the Ontario Real Estate Association. Before the educational transition to Humber College, OREA was responsible for providing real estate education in Ontario. It now focuses on advocating on behalf of real estate professionals and owners, providing member services, and promoting high professional standards.

Humber Real Estate Student: What is CREA?

Humber Real Estate Tutor: CREA stands for the Canadian Real Estate Association. It is a national body that represents over 130,000 real estate brokers, agents, and salespeople across Canada. CREA provides MLS services, advocates for the real estate industry at the national level, and promotes ethical and professional standards.

Humber Real Estate Student: Do I have to register with RECO?

Humber Real Estate Tutor: Yes, if you wish to practise as a real estate broker or salesperson in Ontario, you must register with RECO. Registration ensures you meet the required educational and professional standards to legally operate in the real estate industry in Ontario.

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Humber Real Estate Student: How long do I have to register with RECO after Humber College Real Estate program?

Humber Real Estate Tutor: After completing the Humber College Real Estate program, you have 12 months to apply for registration with RECO. It's important to apply within this timeframe to ensure your educational credentials remain valid for registration purposes.

Humber Real Estate Student: How do I become a broker?

Humber Real Estate Tutor: To become a broker in Ontario, you must first work as a registered salesperson and complete additional education requirements set by RECO. This includes completing the Broker Registration Education Program. Additionally, you must gain experience working under a broker for a minimum period, which varies but is typically around two years.

Humber Real Estate Student: How many years before I can become a broker?

Humber Real Estate Tutor: Typically, it takes at least two to three years of experience as a salesperson before you can become a broker. This includes the time needed to complete the required education and gain the necessary practical experience in real estate transactions.

Humber Real Estate Student: Do I need a refresher Humber College real estate salesperson course?

Humber Real Estate Tutor: If you've been away from your studies for a while or if you're finding it challenging to grasp the material, a refresher course can be very helpful. Humber College and other educational providers offer refresher courses and review sessions for students who feel they need additional support before taking their exams or moving on to the next course. Assess your understanding and confidence level with the material to determine if a refresher course is right for you.

Humber Real Estate Student: How do I get a real estate license in 3 months?

Humber Real Estate Tutor: Obtaining a real estate license in Ontario within 3 months is ambitious and may be challenging due to the comprehensive nature of the coursework and the need for thorough preparation for each exam. To accelerate the process, you can focus on intensive study, take full advantage of online resources, and ensure you're fully prepared for each exam to avoid retakes. However, it's essential to balance speed with a solid understanding of the material, as this foundation is crucial for your success in the real estate profession.

Humber Real Estate Student: What is an open house?

Humber Real Estate Tutor: An open house is a scheduled period when a property that's for sale is open for potential buyers to come and view it without needing to set up a private appointment. It's a common marketing tactic used by real estate agents to showcase a home, attract a wide range of buyers, and generate interest in the property. Open houses allow buyers to get a feel for the property and ask questions directly to the listing agent.

Humber Real Estate Student: What is residential real estate transaction?

Humber Real Estate Tutor: A residential real estate transaction involves the buying, selling, or leasing of property used for residential purposes, such as houses, apartments, condos, and townhouses. The process includes several steps: listing the property for sale, marketing, showing the property to potential buyers, making offers, negotiating terms, and closing the deal, which involves the legal transfer of property ownership.

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Humber Real Estate Student: What is a condominium?

Humber Real Estate Tutor: A condominium, often referred to as a condo, is a type of residential property divided into individual units owned separately, with common areas such as hallways, gyms, and pools shared among all unit owners. Each owner holds a title to their unit and shares ownership of the land and common areas. Condos are managed by a homeowners' association (HOA), which sets rules and manages maintenance and repairs of common areas.

Humber Real Estate Student: What is commercial real estate transaction?

Humber Real Estate Tutor: A commercial real estate transaction involves the buying, selling, or leasing of property used for business purposes, such as offices, retail spaces, warehouses, and industrial buildings. These transactions are typically more complex than residential ones, involving additional considerations such as zoning laws, commercial leases, investment returns, and property management. Both parties often require specialized knowledge of the commercial market and legal aspects.

Humber Real Estate Student: What is a lot or a plot of land?

Humber Real Estate Tutor: A lot or plot of land refers to a defined piece of property that is intended for building or agricultural use. In urban contexts, a lot is often a single piece of land on which a home or commercial property can be built. In rural areas, plots can be much larger and used for farming, ranching, or left undeveloped. The terms "lot" and "plot" are often used interchangeably to describe the boundaries of land owned or for sale.

Humber Real Estate Student: Define all the following topics and subtopics in maximum detail:

Course 1: Real Estate Essentials

Humber Real Estate Tutor:

  • Introducing the Real Estate Profession: This section covers the roles, responsibilities, and career opportunities within the real estate profession, including salespersons, brokers, and other key stakeholders. It discusses the ethical, professional, and legal standards expected in the profession.

  • Introducing the Fundamentals of Real Estate: This topic provides an overview of the real estate industry, including types of real property, market dynamics, and the factors that influence the real estate market, such as economic, social, and environmental trends.

  • Introducing Property Ownership, Rights and Limitations: This section explains the concept of property ownership, including the rights that come with property ownership (such as the right to use, sell, lease, or mortgage the property) and the limitations on those rights (e.g., zoning laws, easements, and covenants).

  • Introducing Land Description and Land Registration: This topic covers how land is described and recorded, including systems of land measurement, the role of land surveys, and the process of registering land titles and deeds to establish legal ownership.

  • Introducing the Real Estate and Business Brokers Act (REBBA): This section outlines the key provisions of REBBA, the legislation governing real estate brokers and salespersons in Ontario, including licensing, professional conduct, and consumer protection.

  • Introducing the Key Legislation and Regulations: This topic covers other important laws and regulations affecting real estate practice in Ontario, such as the Fair Housing Act, the Planning Act, and municipal bylaws.

  • Introducing Other Relevant Legislation and Regulations: This section expands on additional legal frameworks impacting real estate, including privacy laws, anti-money laundering regulations, and accessibility requirements.

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Course 2: Residential Real Estate Transactions

  • Explaining Services Available to a Seller or a Buyer: This topic outlines the range of services real estate professionals provide to clients, including market analysis, listing services, negotiation, and transaction support.

  • Documenting Relationships: This section covers the importance of documenting the relationship between real estate professionals and their clients, including agency agreements and disclosure requirements.

  • Understanding Residential Property Types, Ownership, and Planning: This topic provides a detailed look at different types of residential properties (e.g., detached homes, townhouses, condos) and the various forms of ownership (e.g., freehold, leasehold).

  • Factors Impacting Residential Real Estate Negotiations: This section explores the dynamics of negotiation in residential transactions, including pricing strategies, offer conditions, and buyer and seller motivations.

  • The Financial Aspects of the Buying and Selling Process and the Role of Third-Party Professionals: This topic discusses the financial considerations in residential transactions, including mortgages, taxes, and the roles of professionals like appraisers and inspectors.

  • Understanding Residential Construction – Structural Components: This section covers the basic structural components of residential buildings, such as foundations, framing, and roofing.

  • Understanding Residential Construction – Mechanical Systems: This topic delves into the mechanical systems within a home, including heating, cooling, plumbing, and electrical systems.

  • Understanding Residential Construction – Internal and External Finishes: This section explores the materials and methods used for internal and external finishes, including flooring, paint, and exterior cladding.

  • Preparing to Market a Residential Real Property: This topic covers the steps involved in preparing a property for sale, including staging, photography, and creating marketing materials.

  • How Property Conditions Impact Disclosure Requirements: This section discusses the legal and ethical obligations to disclose known property conditions that may affect its value or desirability.

  • Property Value and Listing Price Considerations: This topic examines how to determine a property's value and set an appropriate listing price based on market conditions and comparative analysis.

  • Listing and Marketing Properties: This section outlines strategies for listing and marketing properties, including MLS listings, digital marketing, and open houses.

  • Showing Residential Properties and Advising on Properties of Interest: This topic discusses how to effectively show properties to potential buyers and provide advice on property selection based on client needs.

  • The Offer Process and Regulatory Obligations: This section covers the process of making and responding to offers, including legal and regulatory requirements.

  • Introducing a Residential Agreement of Purchase and Sale: This topic introduces the standard forms and clauses used in residential purchase agreements.

  • Completing a Residential Agreement of Purchase and Sale Including Terms for a Buyer or Seller: This section details how to complete a purchase agreement, including negotiating terms favorable to the client.

  • Writing Conditions to be Included in an Agreement of Purchase and Sale: This topic discusses common conditions included in purchase agreements, such as financing, inspection, and sale of the current home conditions.

  • Completing a Residential Agreement of Purchase and Sale, Countering an Offer, and Working with Competing Offers: This section explores strategies for managing offer negotiations, including counter-offers and multiple offer situations.

  • Additional Sale-Related Documents and Other Legal Obligations: This topic covers additional documents and legal obligations involved in completing a sale, such as disclosures and closing documents.

  • Completing Real Estate Transactions: This section outlines the steps to finalize a real estate transaction, including closing arrangements, transferring funds, and recording the sale.

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Course 3: Additional Residential Real Estate Transactions

  • Introducing Residential Condominiums: This topic provides an overview of condominium ownership, including the structure of condo corporations and the rights and responsibilities of condo owners.

  • Preparing to Sell Residential Condominiums: This section covers the unique considerations in selling a condo, such as reviewing condo documents and understanding condo fees and regulations.

  • Completing Agreements of Purchase and Sale for Residential Condominiums: This topic discusses how to complete purchase agreements specifically for condo transactions, including clauses related to condo status certificates.

  • Transactions Involving New Construction: This section covers the purchase and sale of new construction homes, including dealing with builders and understanding warranties.

  • Transactions Involving Rural Properties: This topic addresses the unique aspects of buying and selling rural properties, such as septic systems, wells, and land use regulations.

  • Transactions Involving Residential Multi-Unit Dwellings: This section explores transactions involving properties with multiple residential units, such as duplexes and triplexes, including valuation and legal considerations.

  • Preparing to Lease Residential Real Properties: This topic covers the process and considerations for leasing residential properties, including setting rental rates and screening tenants.

  • Preparing to Lease Residential Condominiums: This section discusses the specific considerations for leasing condominium units, including condo rules and lease terms.

  • Completing Agreements to Lease for Residential Tenancies: This topic provides guidance on completing lease agreements, including legal requirements and common lease terms.

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Course 4: Commercial Real Estate Transactions

  • Introducing Commercial Real Estate: This section offers an overview of the commercial real estate sector, including types of commercial properties and the factors influencing commercial markets.

  • Understanding Commercial Construction: This topic covers the construction aspects unique to commercial properties, such as building codes, design considerations, and construction methods.

  • Identifying Requirements for Office and Retail Properties: This section delves into the specific needs and considerations for office and retail spaces, including location, layout, and amenities.

  • Preparing to Sell Office and Retail Properties: This topic discusses strategies for marketing and selling office and retail properties, including valuation and negotiation tactics.

  • Preparing to Sell Commercial Condominiums: This section covers the sale of commercial condos, including the differences from residential condos and specific marketing strategies.

  • Identifying Requirements for Industrial Properties: This topic focuses on industrial properties, including warehouses and manufacturing facilities, and their unique requirements.

  • Preparing to Sell Industrial Properties: This section discusses how to prepare industrial properties for sale, including valuation methods and marketing strategies.

  • Showing Office, Retail, or Industrial Properties and Advising on Properties of Interest: This topic covers the process of showing commercial properties to potential buyers and providing advice based on their business needs.

  • Completing Agreements of Purchase and Sale for Office and Retail Properties: This section details how to complete purchase agreements for office and retail properties, including negotiation of terms.

  • Completing Agreements of Purchase and Sale for Commercial Condominiums: This topic discusses the specifics of completing purchase agreements for commercial condos, including legal and regulatory considerations.

  • Completing Agreements of Purchase and Sale for Industrial Properties: This section outlines the process for completing purchase agreements for industrial properties, focusing on due diligence and contractual terms.

  • Preparing to Lease Office, Retail, and Industrial Properties: This topic covers the leasing process for commercial properties, including lease negotiations and terms.

  • Transactions Involving Commercial Leasing: This section delves into commercial leasing transactions, including the roles of landlords and tenants and the structure of commercial leases.

  • Transactions Involving Development Land and Farms: This topic discusses transactions involving land for development and agricultural use, including zoning, environmental considerations, and valuation.

  • Transactions Involving Brokering the Sale of a Business: This section covers the sale of businesses, including valuation, due diligence, and the transfer of assets and liabilities.

These summaries offer a foundational understanding of each course's content, designed to equip students with the knowledge and skills needed for success in the real estate industry.

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Humber Real Estate Student: Do I need a Passit login?

Humber Real Estate Tutor:  Passit is an online study guide for real estate students that offers detailed summaries, practice questions, and mock exams designed to help you prepare for your Humber College real estate exams. While not mandatory, it's a highly recommended resource to complement your course materials and enhance your exam preparation.

Humber Real Estate Student: What is Minicram?

Humber Real Estate Tutor: Minicram is an online resource providing study notes and practice questions for real estate students. It's designed to help with cramming for exams, offering concise summaries of key concepts and terms from the Humber Real Estate courses. Like Passit, Minicram is an optional tool, but many students find it helpful for last-minute revision and to reinforce their understanding of the course material.

Humber Real Estate Student: What is studyrealestate.ca?

Humber Real Estate Tutor: StudyRealEstate.ca is a website offering resources, tips, and study guides for real estate students in Canada. It includes information on preparing for real estate exams, navigating the licensing process, and succeeding in the real estate industry. The site may offer practice questions, study tips, and insights into the real estate profession, tailored to students at various stages of their education and career.

Humber Real Estate Student: Can you explain a salesperson's competencies?

Humber Real Estate Tutor: Certainly. A salesperson's competencies include understanding real estate laws, ethical practices, effective communication, negotiation skills, knowledge of property marketing strategies, and the ability to perform financial calculations relevant to real estate transactions. They must also be proficient in managing client relationships and understanding market trends.

Humber Real Estate Student: What is a synopsis of registration conditions?

Humber Real Estate Tutor: To register as a real estate salesperson in Ontario, you must complete the prescribed education program, pass the required examinations, be of good character, and be sponsored by a registered brokerage. Additionally, you must apply for registration within one year of completing your final exam and ensure you meet all the requirements set by the Real Estate Council of Ontario (RECO).

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Humber Real Estate Student: How about the accountability of registrants?

Humber Real Estate Tutor: Registrants are held accountable for their actions in the real estate profession. This includes adhering to the Real Estate and Business Brokers Act, 2002 (REBBA 2002), its regulations, and the Code of Ethics. They must act honestly, with integrity, and in the best interests of their clients, ensuring all transactions are conducted with competence and professionalism.

Humber Real Estate Student: Can you discuss budgeting and procurement?

Humber Real Estate Tutor: In the context of real estate, budgeting involves planning for all possible expenses and revenues related to property transactions, including marketing costs, commission fees, and operational expenses of a brokerage. Procurement involves the process of obtaining services or goods, often referring to how brokerages manage their vendor relationships for services such as marketing, technology, or office supplies.

Humber Real Estate Student: What are definitions of functions?

Humber Real Estate Tutor: Functions in real estate refer to the roles and responsibilities of various stakeholders, including salespersons, brokers, brokerages, and clients. For example, a salesperson functions to represent clients in transactions, a broker oversees the operations of a brokerage, and a brokerage functions as the business entity facilitating real estate transactions.

Humber Real Estate Student: What is the Enhanced Discipline Process for RECO?

Humber Real Estate Tutor: The Enhanced Discipline Process for RECO involves stricter penalties and a more transparent disciplinary process for those who violate the Real Estate and Business Brokers Act, 2002 (REBBA 2002) or its Code of Ethics. This includes faster resolution of complaints, increased fines for misconduct, and greater public disclosure of disciplinary actions to maintain high professional standards within the industry.

Humber Real Estate Student: Can you explain the fundamentals of real estate?

Humber Real Estate Tutor: The fundamentals of real estate encompass the basic principles and practices of the industry, including understanding property ownership types, legal descriptions of property, the dynamics of real estate markets, the process of buying and selling property, and the financial aspects of real estate transactions, such as mortgages and investment analysis.

Humber Real Estate Student: What about Multiple and Designated Representation?

Humber Real Estate Tutor: Multiple Representation occurs when a brokerage represents both the buyer and the seller in the same transaction. Designated Representation is a form of multiple representation where different salespersons from the same brokerage are appointed to represent the buyer and seller separately, ensuring each client's interests are fully protected.

Humber Real Estate Student: What's the New Consumer Information Guide?

Humber Real Estate Tutor: The New Consumer Information Guide is a document provided by RECO to help consumers understand their rights and responsibilities in the real estate transaction process. It includes information on working with a real estate professional, the buying and selling process, and how to address any concerns or complaints.

Humber Real Estate Student: Can you tell me about the Notification of right to appeal?

Humber Real Estate Tutor: When a decision is made by RECO or a disciplinary committee affecting a registrant's status, the affected party has the right to appeal the decision. The notification of the right to appeal outlines the process for challenging the decision, including deadlines and the appropriate venue for the appeal.

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Humber Real Estate Student: What does Self-Represented Party (SRP) mean?

Humber Real Estate Tutor: A Self-Represented Party (SRP) refers to an individual who chooses to buy or sell real estate without the representation of a registered real estate salesperson or broker. While SRPs can conduct transactions on their own, they must still comply with relevant laws and regulations.

Humber Real Estate Student: How about Sharing Contents of Offers?

Humber Real Estate Tutor: Sharing the contents of offers involves disclosing the details of a purchase offer to competing buyers or their representatives. This practice is regulated to ensure fairness and confidentiality in the transaction process. Generally, the details of an offer cannot be disclosed without the express consent of the person who made the offer.

Humber Real Estate Student: Can you explain Splitting commissions and brokerage fees?

Humber Real Estate Tutor: Splitting commissions and brokerage fees refers to the practice of dividing the earnings from a real estate transaction between the cooperating brokerages and salespersons involved. The split is usually determined by agreements between the brokerages and their salespersons, and can vary depending on the arrangements made at the beginning of the representation.

Humber Real Estate Student: What is the role of the broker of record?

Humber Real Estate Tutor: The broker of record is responsible for ensuring that the brokerage and its salespersons comply with all legal and ethical standards set forth by RECO. This includes overseeing brokerage operations, ensuring accurate and fair dealings with clients, and maintaining records of all transactions.

Humber Real Estate Student: What about the structure of RECO's activities?

Humber Real Estate Tutor: RECO's activities are structured around its mandate to enforce the Real Estate and Business Brokers Act, 2002 (REBBA 2002) and protect the public interest in real estate transactions. This includes licensing real estate professionals, promoting professional standards, addressing consumer complaints, and enforcing disciplinary actions against those who violate the Act or Code of Ethics.

Humber Real Estate Student: Can you detail the Updated Code of Ethics?

Humber Real Estate Tutor: The Updated Code of Ethics provides a framework for ethical conduct among real estate professionals in Ontario. It includes principles related to duty of care, integrity, confidentiality, competence, and professionalism. The updates often reflect changes in legislation, industry practices, or emerging issues within the profession to ensure real estate professionals continue to meet high ethical standards.

Humber Real Estate Student: What are the most fundamental necessities?

Humber Real Estate Tutor: The most fundamental necessities in real estate involve understanding the legal, ethical, and practical aspects of buying and selling property. This includes knowledge of property law, contract law, the real estate market, negotiation skills, and ethical standards. Additionally, a strong foundation in customer service and the ability to navigate financial aspects of transactions are crucial.

Humber Real Estate Student: What about Written Agreements and Disclosures?

Humber Real Estate Tutor: Written Agreements and Disclosures are essential documents in real estate transactions. They ensure that all parties are fully informed about the terms of the transaction and any material facts that could affect their decision-making. This includes agreements of purchase and sale, listing agreements, and any disclosures related to property condition or legal encumbrances.

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Humber Real Estate Student: What are appraisers?

Humber Real Estate Tutor: Appraisers are professionals who assess the value of real estate properties. Their evaluations are based on various factors such as location, condition, improvements, and market trends. Appraisals are crucial for financing, insurance, and sales transactions to determine the fair market value of a property.

Humber Real Estate Student: Can you explain associations and governance for the real estate industry?

Humber Real Estate Tutor: The real estate industry is governed by various associations at the local, provincial, and national levels. These include the Real Estate Council of Ontario (RECO), the Ontario Real Estate Association (OREA), and the Canadian Real Estate Association (CREA). They set standards, provide education, regulate practices, and advocate for the real estate profession and public interests.

Humber Real Estate Student: How are brokers rewarded in a variety of ways?

Humber Real Estate Tutor: Brokers are compensated through commissions, salaries, or a combination of both. Commission structures can vary, including a fixed percentage of the transaction value, a flat fee, or a graduated scale based on performance. Some brokerages offer additional incentives for achieving sales targets or for recruiting new agents.

Humber Real Estate Student: What are chattels?

Humber Real Estate Tutor: Chattels are personal property that can be moved and are not permanently attached to the real estate. This includes items like furniture, appliances, and portable buildings. In real estate transactions, the inclusion or exclusion of chattels must be clearly stated in the agreement of purchase and sale.

Humber Real Estate Student: Can you describe commercial structure types?

Humber Real Estate Tutor: Commercial structures include office buildings, retail spaces, warehouses, industrial facilities, and multi-family residential buildings. Each type serves different business purposes, from providing workspace and retail locations to manufacturing and storage facilities.

Humber Real Estate Student: What are contractual terms?

Humber Real Estate Tutor: Contractual terms are the conditions and clauses outlined in a legal agreement. In real estate, this includes terms related to the sale price, deposit amount, closing date, conditions of sale (like financing or home inspection), and specifics about what is included or excluded in the sale.


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Humber Real Estate Student: What does evidence of ownership is a document mean?

Humber Real Estate Tutor: Evidence of ownership refers to legal documents that prove a person’s or entity’s ownership of property. The most common form is a deed, which is recorded with the local government to officially document the property’s ownership and any changes thereof.

Humber Real Estate Student: How are agents compensated?

Humber Real Estate Tutor: Agents are typically compensated through commissions based on the sale or purchase price of a property. This commission is often shared between the listing and buying agents’ brokerages according to a predetermined split. Some agents may also work for a salary or a combination of salary and commission, depending on their brokerage’s business model.

Humber Real Estate Student: Can you explain mortgage jargon?

Humber Real Estate Tutor: Mortgage jargon includes terms such as amortization (the period over which the loan is paid down), principal (the loan amount), interest rate, fixed vs. variable rates (determines whether the interest rate can change), and loan-to-value ratio (the size of the loan compared to the property’s value). Understanding these terms is crucial for navigating real estate financing.

Humber Real Estate Student: What are multi-unit constructions?

Humber Real Estate Tutor: Multi-unit constructions refer to buildings designed to house multiple separate living or working spaces, such as apartments, condominiums, office buildings, or retail complexes. These structures can range from small duplexes to large high-rise buildings.

Humber Real Estate Student: What is a multi-unit residential home?

Humber Real Estate Tutor: A multi-unit residential home is a property designed to accommodate more than one family or tenant, with separate living units for each. Examples include duplexes, triplexes, and apartment buildings. Each unit typically has its own entrance, kitchen, and living areas.

Humber Real Estate Student: What does office – consists of single-story structures mean?

Humber Real Estate Tutor: This refers to office buildings that are only one story high, commonly found in suburban or industrial areas. These structures often house individual businesses or small offices and can provide more accessible, flexible space for tenants.

Humber Real Estate Student: Can you define real estate brokers?

Humber Real Estate Tutor: Real estate brokers are licensed professionals who operate real estate businesses or work independently. They have completed additional education and licensing requirements beyond those of a salesperson, enabling them to run a brokerage, hire agents, and manage real estate transactions.

Humber Real Estate Student: What are realtors?

Humber Real Estate Tutor: Realtors are real estate professionals who are members of the Canadian Real Estate Association (CREA) and adhere to its code of ethics.

The term “Realtor” is a trademarked designation indicating that the professional belongs to local, provincial, and national associations that uphold specific professional standards and practices.

Humber Real Estate Student: Can you talk about rental property managers?

Humber Real Estate Tutor: Rental property managers oversee the day-to-day operations of rental properties on behalf of the owner. Their responsibilities include finding and screening tenants, collecting rent, handling maintenance and repairs, and ensuring compliance with landlord-tenant laws.

Humber Real Estate Student: What’s the difference between residential and commercial real estate brokers?

Humber Real Estate Tutor: Residential real estate brokers specialize in properties used for living purposes, such as houses and apartments. Commercial real estate brokers deal with properties used for business purposes, including office buildings, retail spaces, and industrial properties. Each requires different expertise and knowledge of specific market segments.

Humber Real Estate Student: What are residential structures?

Humber Real Estate Tutor: Residential structures are buildings designed for people to live in. These include single-family homes, condominiums, townhouses, duplexes, and multi-family buildings. Each type offers different living arrangements and amenities.

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Humber Real Estate Student: Can you explain responsibilities?

Humber Real Estate Tutor: In real estate, responsibilities refer to the duties and obligations of parties involved in a transaction. For agents and brokers, this includes ethical dealings, accurate representation of properties, and protecting their clients’ interests. For buyers and sellers, responsibilities include honesty in disclosures and adherence to contractual terms.

Humber Real Estate Student: What is semi-detached?

Humber Real Estate Tutor: A semi-detached property is a type of residential structure shared by two separate units with a common wall but independent entrances and living spaces. They offer a balance between the privacy of a detached home and the affordability of a townhouse or apartment.

Humber Real Estate Student: What are terms relating to the spectrum of ownership?

Humber Real Estate Tutor: Terms relating to the spectrum of ownership include freehold (complete ownership of the land and buildings), leasehold (right to use and occupy land or property for a specified time), and condominium (ownership of a unit in a building with shared common areas). Each term defines different rights and obligations of property ownership.

Humber Real Estate Student: What is the function and mission of RECO?

Humber Real Estate Tutor: The Real Estate Council of Ontario (RECO) regulates real estate professionals in the province. Its mission is to protect the public interest through a fair, safe, and informed marketplace. RECO enforces standards, provides education to professionals, and addresses public complaints against registrants.

Humber Real Estate Student: Can you describe a title search?

Humber Real Estate Tutor: A title search is a detailed examination of the historical records concerning a property, including deeds, court records, property and name indexes, and other documents. The purpose is to verify the seller’s right to transfer ownership and to discover any claims, defects, or other rights or burdens on the property.

Humber Real Estate Student: What are transfer of title conditions?

Humber Real Estate Tutor: Transfer of title conditions are the requirements that must be met for the ownership of a property to legally change hands. These conditions can include the seller clearing any outstanding liens or encumbrances on the property, the buyer securing financing, and both parties agreeing to the terms of the sale.

Humber Real Estate Student: What are houseboats?

Humber Real Estate Tutor: Houseboats are floating homes, offering residential living spaces built on a boat-like structure. They can be stationary, moored to a permanent spot, or mobile, capable of navigating waterways. Ownership of a houseboat involves both the dwelling and sometimes the leasing of water space.

Humber Real Estate Student: What are additional ownership options: condominium?

Humber Real Estate Tutor: In a condominium (condo) ownership, you own a specific unit within a larger property, along with a shared interest in common areas such as lobbies, gyms, and outdoor spaces. Condos provide a blend of individual ownership within a community, with an association managing the common elements.

Humber Real Estate Student: What are alternatives to co-operative ownership?

Humber Real Estate Tutor: Alternatives to cooperative ownership include condominiums, where you own specific units, and traditional single-family homes, where you own the property outright. Other alternatives could include land lease communities, timeshares, and communal living arrangements, each with distinct ownership structures.

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Humber Real Estate Student: A firm owns the property. Members have decided to take up residence in a certain unity. Members have the option of owning or not owning shares in the cooperative. Equity and non-profit co-operative are two options for ownership. Members are shareholders in the co-operative, which owns the land and buildings.

Humber Real Estate Tutor: That’s correct. In a cooperative, or co-op, members buy shares in a corporation that owns the property, granting them the right to occupy a unit. Equity co-ops involve members with equity interests, potentially earning profits from property value increases. Non-profit co-ops focus on providing affordable housing without profit distribution. Members can choose to own shares, directly linking their investment to their living space.

Humber Real Estate Student: How do cooperatives and condominiums differ?

Humber Real Estate Tutor: Cooperatives involve purchasing shares in a corporation that owns the property, giving you the right to occupy a unit, whereas condominium ownership is the direct ownership of a specific unit and a shared interest in the property’s common areas. Condo owners hold a title to their unit, while co-op residents own shares in the entire building rather than real property.

Humber Real Estate Student: What is an easement?

Humber Real Estate Tutor: An easement is a legal right to use someone else’s land for a specific purpose, such as a pathway across it (right of way) or utilities. Easements are attached to the property, not the owner, and can be for public or private use, ensuring access or preserving property utility.

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Humber Real Estate Student: What are important points to bear in mind?

Humber Real Estate Tutor: When considering real estate ownership, it’s important to understand the type of ownership, any restrictions or easements, maintenance responsibilities, financial obligations like taxes and dues, and potential for appreciation or depreciation. Always consider legal and zoning implications of your intended use.

Humber Real Estate Student: What is the introduction to ownership?

Humber Real Estate Tutor: Ownership in real estate refers to the legal right to possess and use property. This can range from full ownership, as in freehold, to partial or shared ownership, such as in condominiums or co-operatives. Understanding the nuances of ownership rights, responsibilities, and limitations is fundamental to real estate.

Humber Real Estate Student: What are limitations and rights to ownership?

Humber Real Estate Tutor: Rights to ownership include the right to use, lease, sell, or bequeath the property. Limitations can include zoning laws, environmental regulations, easements, and covenants that restrict how the property can be used, modified, or improved.

Humber Real Estate Student: What are owner’s rights in a timeshare?

Humber Real Estate Tutor: In a timeshare, the owner has the right to use the property for a designated period each year. Rights include access to the property’s amenities and the option to exchange their time for stays at other properties within a network, depending on the timeshare agreement.

Humber Real Estate Student: Who are owners of a partnership?

Humber Real Estate Tutor: In a real estate partnership, owners are individuals or entities that have agreed to pool resources for the purpose of owning, managing, or developing property. Each partner shares in the profits and losses according to their partnership agreement, with roles and responsibilities defined therein.

Humber Real Estate Student: What is the difference between ownership vs. security interest?

Humber Real Estate Tutor: Ownership refers to the full legal right to use, control, and dispose of property. A security interest is a creditor’s legal right or claim on property, granted by the borrower as collateral for a loan. Security interests ensure the creditor can seize property if the borrower fails to meet the obligations of the loan.

Humber Real Estate Student: What are possibilities for multiple ownership?

Humber Real Estate Tutor: Multiple ownership can take forms such as joint tenancy, tenancy in common, partnerships, and cooperatives. Each structure has different rules for how property is owned, shared, and transferred, affecting decision-making, financial responsibility, and succession.

Humber Real Estate Student: What is profit-è-prendre?

Humber Real Estate Tutor: Profit-à-prendre is a legal right allowing one party to enter another’s land and take some part of the land’s produce or mineral resources, such as timber, gravel, or coal. It’s similar to an easement but involves the removal of part of the land’s resources.

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Humber Real Estate Student: What is proprietorship sole proprietorship?

Humber Real Estate Tutor: Sole proprietorship in real estate refers to a business owned and operated by a single individual, with no distinction between the business and the owner. The owner has complete control and assumes all financial risks and rewards of the property investments.

Humber Real Estate Student: Real estate is another term for “real property,” correct?

Humber Real Estate Tutor: Yes, real estate is synonymous with real property, referring to land and any permanent structures on it, including buildings and natural resources. The term encompasses the rights associated with ownership of the land and buildings.

Humber Real Estate Student: What are real estate ownership rights?

Humber Real Estate Tutor: Real estate ownership rights include the rights to possess, use, control, enjoy, and dispose of a property. This encompasses living in, renting out, selling, or bequeathing the property, as well as the right to access and use natural resources on the land.

Humber Real Estate Student: What is tenancy in common?

Humber Real Estate Tutor: Tenancy in common is a form of ownership where two or more individuals own a property together without survivorship rights. Each owner has an undivided interest in the property and can sell or transfer their share independently.

Humber Real Estate Student: What is communal tenancy?

Humber Real Estate Tutor: Communal tenancy likely refers to a form of cohabitation where individuals share living spaces and responsibilities. In real estate, it might more accurately relate to co-ownership or cooperative housing, where property is owned and managed collectively by its residents.

Humber Real Estate Student: What are tenants as a whole?

Humber Real Estate Tutor: This seems to be a misunderstanding. If you meant “tenants by the entirety,” it’s a form of joint ownership available to married couples, where property is owned by the couple as a single legal entity. If you meant “joint tenants,” it’s where co-owners have equal shares and the right of survivorship.

Humber Real Estate Student: What is sole proprietorship in real estate context?

Humber Real Estate Tutor: In real estate, sole proprietorship refers to an individual owning property in their name alone. This ownership structure applies to both the operation of a real estate business and the ownership of investment property, with the individual personally responsible for all debts and liabilities.

Humber Real Estate Student: What is property owned by the community?

Humber Real Estate Tutor: Property owned by the community typically refers to common areas within planned developments, condominiums, or cooperatives. It can also refer to land or facilities owned collectively by a community organization or governed by local authorities, intended for public use and benefit.

Humber Real Estate Student: What are tenants in their entirety (tbe)?

Humber Real Estate Tutor: Tenants by the entirety (TBE) is a form of joint property ownership exclusive to married couples, where the property is owned by the couple as a singular unit. It offers survivorship rights and protection from creditors for the property owned as TBE.

Humber Real Estate Student: What is a timeshare?

Humber Real Estate Tutor: A timeshare is a property with a divided form of ownership or use rights. These properties are typically resort condominium units, with each shareholder entitled to use the unit for a predetermined period annually.

Humber Real Estate Student: What does transferring rights of ownership entail?

Humber Real Estate Tutor: Transferring rights of ownership involves legally moving the title or interest in a property from one party to another. This can be done through sale, gift, or inheritance, and requires documentation like deeds or transfer agreements, often recorded in public records.

Humber Real Estate Student: What types of easements include: (1) right of way (2) party wall (3) common driveway?

Humber Real Estate Tutor: (1) Right of way allows passage over a parcel of land. (2) Party wall easements involve shared walls between two properties, often in duplexes or row houses. (3) Common driveway easements grant multiple properties the right to use a single driveway.

Humber Real Estate Student: What is a title’s definition?

Humber Real Estate Tutor: A title is a legal term referring to the bundle of rights in a piece of property in which a party may own either a legal interest or equitable interest. The title represents ownership and can include rights to possess, use, and transfer the property.

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Humber Real Estate Student: What is the Land Title Conversion Project?

Humber Real Estate Tutor: The Land Title Conversion Project (LTCQ) was an initiative to convert all land records in Ontario from the paper-based registry system to the electronic Land Titles system. This project aimed to improve the accuracy and accessibility of land records, making it easier for real estate professionals to conduct searches and transactions.

Humber Real Estate Student: Can you explain what a charge on the land/mortgage means?

Humber Real Estate Tutor: A charge on the land, typically known as a mortgage, is a legal claim by a lender against a property that the borrower uses as security for a loan. If the borrower fails to repay the loan, the lender has the right to take possession of the property to recover the owed amount.

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Humber Real Estate Student: What is involved in the mortgage of land/discharge of fee?

Humber Real Estate Tutor: The mortgage of land involves the borrower granting a mortgage to the lender as security for the loan. The discharge of a mortgage (or discharge of fee) occurs when the loan is fully repaid, and the lender removes the charge against the land, freeing the property from the mortgage lien.

Humber Real Estate Student: What does “in general, documentation” refer to in real estate transactions?

Humber Real Estate Tutor: In general, documentation in real estate transactions includes all the legal paperwork required to complete a transaction. This can involve contracts, deeds, mortgages, land transfer forms, and any other documents necessary for the buying, selling, or leasing of property.

Humber Real Estate Student: What is meant by “schedule” in real estate?

Humber Real Estate Tutor: A schedule in real estate typically refers to an annexure or attachment to a contract that provides additional details or lists specific items related to the agreement, such as property fixtures, exclusions, or legal descriptions.

Humber Real Estate Student: Can you define what a reference plan or R-plan is?

Humber Real Estate Tutor: A reference plan (R-plan) is a detailed drawing prepared by a licensed land surveyor that shows the division of land into parts with specific boundaries and dimensions. It’s used for various purposes, including the creation of new lots, easements, and rights of way.

Humber Real Estate Student: What is a Block Index Map?

Humber Real Estate Tutor: A Block Index Map is a tool used in land registration to depict the layout of a subdivision or a large parcel of land divided into blocks, lots, and streets, providing a comprehensive overview of the area’s division.

Humber Real Estate Student: What does “by leaps and bounds” mean in the context of real estate?

Humber Real Estate Tutor: “By leaps and bounds” in real estate refers to rapid and significant growth or development in the market or property values, often due to economic factors, urban development, or infrastructure improvements.

Humber Real Estate Student: How are deeds or surveys with complete legal land descriptions important?

Humber Real Estate Tutor: Deeds or surveys with complete legal land descriptions are crucial for accurately defining the boundaries, dimensions, and rights associated with a property. They provide a legal basis for ownership and are essential for resolving disputes, conducting transactions, and registering properties.

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Humber Real Estate Student: What are double front townships?

Humber Real Estate Tutor: Double front townships refer to a land division pattern where lots front onto two opposite roads, allowing for access from both sides. This pattern is less common and typically found in certain rural or historical areas.

Humber Real Estate Student: Can you explain e-registration in real estate?

Humber Real Estate Tutor: E-registration, or electronic registration, is a system that allows the electronic submission of documents for the registration of real estate transactions, such as transfers of ownership, mortgages, and discharges. It streamlines the process, making it faster and more efficient.

Humber Real Estate Student: How was POLARIS a participant in the process?

Humber Real Estate Tutor: POLARIS (Province of Ontario Land Registration Information System) was a key component in modernizing Ontario’s land registration process. It provided a comprehensive electronic mapping system that linked property information to geographical locations, aiding in the transition to electronic land registration.

Humber Real Estate Student: What is involved in LTCQ regarding land registration?

Humber Real Estate Tutor: In the context of LTCQ, land registration involved converting existing paper-based records into an electronic format and integrating them into the Land Titles system. This process ensured a more secure, accessible, and efficient system for registering and searching property titles.

Humber Real Estate Student: Can you differentiate land registration formats?

Humber Real Estate Tutor: Land registration formats typically refer to the two main systems used in Ontario: the Land Registry system, which is the older, paper-based system, and the Land Titles system, which is an electronic, more modern system. The LTCQ project aimed to convert all properties to the Land Titles system.

Humber Real Estate Student: What role do land surveyors play?

Humber Real Estate Tutor: Land surveyors play a crucial role in the real estate industry by measuring and mapping property boundaries. They prepare plans and reports that define legal property limits, which are essential for transactions, development, and dispute resolution.

Humber Real Estate Student: How is the legal description of the property used?

Humber Real Estate Tutor: The legal description of a property provides a precise, technical definition of the property’s boundaries and location, distinguishing it from other properties. It’s used in legal documents, such as deeds and contracts, to identify the property involved in a transaction.

Humber Real Estate Student: What are metes and bounds?

Humber Real Estate Tutor: Metes and bounds is a system of describing land by detailing the length (metes) of its boundaries and the direction (bounds) those boundaries run. It’s one of the oldest methods of land description and is used to provide a detailed, legal description of a parcel of land.

Humber Real Estate Student: What is a Property Identification Number (PIN)?

Humber Real Estate Tutor: A Property Identification Number (PIN) is a unique number assigned to a parcel of land within the land registration system. It helps in accurately identifying and tracking properties through the land registration process.

Humber Real Estate Student: What is ONLAN?

Humber Real Estate Tutor: ONLAN refers to Ontario’s electronic land registration network, which facilitates the electronic filing, searching, and registration of land-related documents. It’s part of the province’s efforts to modernize and streamline the land registration process.

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Humber Real Estate Student: How is a Property Index Map used?

Humber Real Estate Tutor: A Property Index Map is a tool used in land registration to provide a graphical representation of properties within a specific area, showing their relative locations and boundaries. It’s useful for identifying properties and understanding their context within a neighborhood or region.

Humber Real Estate Student: What does separation of lands involve?

Humber Real Estate Tutor: Separation of lands involves dividing a larger parcel of land into smaller lots, which can be sold, developed, or otherwise used separately. This process typically requires approval from local authorities and may involve creating new legal descriptions and reference plans.

Humber Real Estate Student: Can you explain the concept of severance of an existing parcel of land?

Humber Real Estate Tutor: Severance of an existing parcel of land refers to the legal process of dividing a piece of property into two or more new, separate parcels. This requires municipal approval and often involves considerations related to zoning, access, and the impact on surrounding properties.

Humber Real Estate Student: How is TERANET connected to POLARIS?

Humber Real Estate Tutor: TERANET is the company that manages Ontario’s electronic land registration system, including the implementation of the POLARIS project. It’s responsible for maintaining the system that supports the registration and search of property information in Ontario.

Humber Real Estate Student: What are TERAVIEW & GEO WAREHOUSE?

Humber Real Estate Tutor: TERAVIEW and GEO WAREHOUSE are software platforms used in Ontario’s electronic land registration system. TERAVIEW allows legal professionals to access, submit, and manage land registration documents electronically. GEO WAREHOUSE provides access to property information, including ownership and valuation data, for real estate professionals.

Humber Real Estate Student: What is the act relating to land titles?

Humber Real Estate Tutor: The act relating to land titles in Ontario is the Land Titles Act, which governs the registration of land and interests in land. It establishes the legal framework for the land titles system, ensuring the accuracy and security of land ownership records.

Humber Real Estate Student: What was the first Land Titles Act?

Humber Real Estate Tutor: The first Land Titles Act was legislation introduced to establish a system for the registration of land titles in Ontario, aiming to provide a more reliable and secure method of recording land ownership than the previous deed registration system. This act laid the foundation for the current land titles system.

Humber Real Estate Student: How does the parcelization stage fit into real estate?

Humber Real Estate Tutor: The parcelization stage refers to the process of dividing a larger tract of land into smaller, marketable parcels or lots. This is a critical step in land development, preparing the land for sale, building, or further subdivision.

Humber Real Estate Student: What is meant by the surveyor’s real property?

Humber Real Estate Tutor: The surveyor’s real property refers to the tangible assets and land that a land surveyor assesses and maps. It involves the detailed measurement and documentation of land boundaries and features, providing essential information for legal, construction, and development purposes.

Humber Real Estate Student: How do The Surveys Act and the Surveyors Act impact real estate?

Humber Real Estate Tutor: The Surveys Act and the Surveyors Act provide the legal framework for land surveying in Ontario, setting out the qualifications for land surveyors and the standards for conducting surveys. These acts ensure the accuracy and reliability of land surveys, which are crucial for real estate transactions and land development.

Humber Real Estate Student: What is a township with a single front?

Humber Real Estate Tutor: A township with a single front refers to a land division pattern where lots are arranged along a single road or frontage, as opposed to having access from two opposite roads. This is a common layout in rural areas, allowing for straightforward access to properties along the roadway.

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Humber Real Estate Student: What are the implications of the prohibition on real estate trading?

Humber Real Estate Tutor: The prohibition on unauthorized real estate trading is designed to protect the public by ensuring that only qualified, registered professionals engage in real estate transactions. This includes brokers, brokerages, and salespersons who must adhere to regulatory standards and ethical practices. Unauthorized trading can lead to disciplinary actions, fines, or legal consequences.

Humber Real Estate Student: A brokerage, broker, or salesperson must be registered. Why?

Humber Real Estate Tutor: Registration is required to ensure that professionals in the real estate industry have the necessary education, knowledge, and adherence to ethical standards set by the Real Estate Council of Ontario (RECO). This protects consumers by ensuring competent and professional service.

Humber Real Estate Student: What are considered actions and offenses in real estate?

Humber Real Estate Tutor: Actions and offenses can include unethical behavior, unprofessional conduct, unauthorized trading, providing false information, or failing to disclose a conflict of interest. These actions can lead to disciplinary measures, including fines, suspension, or revocation of registration.

Humber Real Estate Student: As the selling or renting price increases, the property’s value declines. Can you explain?

Humber Real Estate Tutor: This statement seems to be a misunderstanding. Typically, as the selling or renting price increases, it reflects an increase in property value, not a decline. Market dynamics such as demand, location, and economic factors influence property values and pricing.

Humber Real Estate Student: Consider the following scenario: the residence is sold for $650,000.00. How is the commission calculated?

Humber Real Estate Tutor: In the given scenario, the commission is calculated based on agreed percentages. For the first $300,000, 5% is $15,000. For the remaining $350,000, 4% is $14,000. The total commission would be $29,000.

Humber Real Estate Student: What are broker of record requirements?

Humber Real Estate Tutor: A broker of record is responsible for ensuring the brokerage complies with all legal and ethical standards. They must be registered with RECO and meet all requirements for education and experience. The broker of record oversees brokerage operations and ensures compliance with the Real Estate and Business Brokers Act (REBBA).

Humber Real Estate Student: How are complaints, inspection, and discipline handled?

Humber Real Estate Tutor: Complaints are filed with RECO, which may conduct an inspection or investigation. Depending on findings, disciplinary actions can include warnings, mandatory education, fines, or more severe measures like suspension or revocation of registration.

Humber Real Estate Student: What are disbursements in real estate?

Humber Real Estate Tutor: Disbursements refer to the brokerage’s process of paying out expenses from the trust account, such as commissions, after a transaction is completed and all conditions are met. This process is strictly regulated to ensure transparency and protect client funds.

Humber Real Estate Student: Can you explain the requirement for disclosure in real estate?

Humber Real Estate Tutor: Disclosure is required when a registrant has a direct or indirect personal interest in a transaction. They must inform all parties involved in writing before any offers are made to ensure transparency and avoid conflicts of interest.

Humber Real Estate Student: What does written acknowledgement entail?

Humber Real Estate Tutor: Written acknowledgement involves obtaining confirmation from all parties that they have received and understand the disclosed information regarding a registrant’s interest in a transaction. This is a critical step to ensure informed consent.

Humber Real Estate Student: What about financial status consideration for registration?

Humber Real Estate Tutor: Financial status is considered during registration to ensure that applicants have the financial integrity necessary for managing transactions and holding client funds. This includes assessing financial history and current status to protect public interests.

Humber Real Estate Student: What are the penalties for furnishing false data and falsifying data?

Humber Real Estate Tutor: Penalties for furnishing or falsifying data can be severe, including fines up to $50,000 for individuals or up to $250,000 for corporations. In some cases, criminal charges could lead to imprisonment or orders for compensation and restitution.

Humber Real Estate Student: What are the prohibitions pertaining to practice?

Humber Real Estate Tutor: Prohibitions include engaging in unauthorized practices, providing misleading information, failing to disclose conflicts of interest, and any actions that compromise the integrity of the real estate profession or harm the public interest.

Humber Real Estate Student: Can you explain REBBA and its importance?

Humber Real Estate Tutor: The Real Estate and Business Brokers Act (REBBA) is the legislative framework governing the practice of real estate in Ontario. It sets out the rules, ethical standards, and registration requirements for brokers, salespersons, and brokerages to protect consumers and ensure a high standard of professionalism in the industry.

Humber Real Estate Student: What happens if a candidate’s registration is refused?

Humber Real Estate Tutor: If a candidate’s registration is refused, it’s usually due to failure to meet the requirements set by REBBA, such as education, financial integrity, or ethical standards. Candidates are informed of the refusal and the reasons for it, and they may have the right to appeal the decision.

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Humber Real Estate Student: What are the requirements for trade registration?

Humber Real Estate Tutor: Requirements include completing the educational curriculum, passing examinations, demonstrating financial responsibility, and adhering to ethical standards. Applicants must also agree to abide by REBBA and its regulations.

Humber Real Estate Student: How is the ethical code of conduct relevant to real estate professionals?

Humber Real Estate Tutor: The ethical code of conduct sets the standard for professional behavior, requiring honesty, integrity, competence, and fairness in all transactions. It ensures that real estate professionals act in the best interests of their clients and the public.

Humber College Real EstatetSalesperson Program Terms & Definitions

Term: 'Registrant' -

 

Definition: Any individual OR brokerage that is registered to trade in real estate.

 

Term: "A borrower __________ the mortgage and the lender __________ the financing." -

 

Definition: gives

 

Term: 3 tenants of REBBA's Code of Ethics? -

 

Definition: - Fairness and Honesty

- Conscientious and Competent Service

- Services from Others

 

Term: A binding contract requires an ___________ of something between the parties. -

 

Definition: Exchange

 

Term: A brokerage, as a telemarketer, must register with the National Do Not Call List (DNCL) but also maintain an internal do not call list. What should the internal do not call list contain? -

 

Definition: - Date and time of the request

- Consumer's name and contact information

- Applicable 10-digit phone number(s)

 

Term: A commission percentage can decrease as the sale price goes up.

True or False? -

 

Definition: True

 

Term: A commission percentage can increase as the sale price goes up.

True or False? -

 

Definition: False. A commission based on the difference between the listing price and the selling price is not allowed.

 

Term: A landlord must give the tenant a copy of any written lease within _____ days after the tenant signs it. -

 

Definition: 21

 

Term: A man buys a home with his new spouse, but upon his death he wants the estate to be passed down to his adult daughter from a previous marriage, not his new spouse. What type of concurrent ownership should the couple choose? -

 

Definition: Tenants In Common

 

Term: A permit is required to build a new subdivision or install infrastructure that will affect a newly protected species or habitat. The permit establishes that certain rules are followed. The rules depend on what? -

 

Definition: - When the project received approval

- When the work began or will begin

- The project's current status

- The project type

- When a species was classified as threatened or endangered

 

Term: A potential buyer asks his salesperson about an unoccupied house he would like to purchase with the intent to rent it out to a tenant. When viewing the home, the salesperson notices the absence of smoke alarms. What should he advise the buyer? -

 

Definition: To consult with the fire department and identify places where the alarms need to be installed, after the transaction has been completed.

 

Term: A rented site for a mobile home is considered a ______ ______ , even if the mobile home on the site is owned by the tenant of the site. -

 

Definition: Rental Unit

 

Term: A salesperson can confirm what details about a property using E-Registration online? -

 

Definition: - Who is the registered owner

- Determine what financing exists

- Identify various issues that might affect the selling of the property

 

Term: A salesperson sells a home and a family member happens to be the lender the buyer chooses to use for the transaction. Is disclosure of interest required to all parties involved before the offer is made? -

 

Definition: Yes. This is an example of an indirect interest. The salesperson must obtain written acknowledgement from the other parties that they have received the required disclosure before the offer can proceed.

 

Term: According to its mission statement, what is CREA's primary purpose? -

 

Definition: To represent and promote the interests of the members, enhance members' professionalism and ability to succeed, and advocate policies that ensure real estate property rights and ownership.

 

Term: According to The Association of Ontario Land Surveyors, what are the 4 components of a survey? -

 

Definition: - Research (info available re: legal description, easements, etc.)

- Measurement

- Monumentation (physical markers/posts located at regular intervals around the property boundary)

- Plan and/or Report

 

Term: According to the Competition Act, what is a 'Bid-Rigging'? -

 

Definition: An agreement in response to a call or request for bids or tenders in which one or more bidders agree not to submit a bid, or two or more bidders agree to submit pre-arranged bids. This is a criminal offence. (i.e. A real estate brokerage agrees to submit a bid to perform services at an unreasonably high rate so that another brokerage will be successful on this bid and so that the other brokerage will do the same for them at the next opportunity.)

 

Term: According to the Competition Act, what is a 'Conspiracy'? -

 

Definition: Unlawful agreements between competitors to fix or increase prices, manipulate markets or in some way control output. (i.e. agreements to establish commission or other fees or amounts paid to co-operating brokerages).

 

Term: According to the Competition Act, what is a 'Price Maintenance'? -

 

Definition: - person attempting to influence prices - in an upward direction or by discouraging individuals who are offering lower prices. - Also can be where a salespersons refuses to negotiate or deal with a competitor bc of that competitor's pricing policy, commission structure or business model. (i.e. A salesperson does not show listings of another brokerage that only offers $1 commission to the co-operating brokerage.

 

Term: According to the Consumer Protection Act, what rights do buyers have when purchasing a timeshare within Ontario (but not outside of the province)? -

 

Definition: - Every agreement must be in writing

- Cancellation: Cooling-off Period (within 10 days of receiving the written agreement without any reason required)

- Cancellation: Failure to Meet Requirements (within 1 year after the agreement if they don't receive a written legal copy of the agreement)

 

Term: According to the EPA, after notification of the spill to the authorities, what are the next steps required of the person responsible for a spill? -

 

Definition: Steps to prevent, eliminate and remedy the adverse effect of the spill and to restore the natural environment.

 

Term: After a severance application is completed and submitted, the consent-granting authority will issue a decision within how many days? -

 

Definition: 90

 

Term: After the completed application is received, how many days does it take until the decision is made regarding approval of the proposed subdivision? -

 

Definition: 180

 

Term: All transactions in a real estate trust account must be authorized and cheques signed by by who? -

 

Definition: Broker of Record

 

Term: Andy buys a house in 2010 and it's his principal residence until 2015 when Andy moves into his partner's condo and rents out his house. In 2020 Andy sells his house.

 

How does capital gain taxation affect Andy during the sale of the house? -

 

Definition: Since the house was Andy's principal residence from 2010-2015, no taxation is applied to the capital gain during that time. However, any capital gain that accumulated between 2015 and 2020 would be taxed at 50% as it was no longer Andy's principal residence.

 

Term: Are all breaches of any section of the Act and the Code of Ethics referred to a Discipline Committee? -

 

Definition: No. Only a potential contravention of the Code of Ethics is referred to the Discipline Committee.

 

Term: Are both spouses required to sign all the legal documents, such as the Listing Agreement? -

 

Definition: Yes

 

Term: Are the disciplinary decisions of RECO private? -

 

Definition: No. Decisions are posted publicly on the RECO website.

 

Term: Before calling someone, should you reference the National Do Not Call List or the Internal Do Not Call List? -

 

Definition: Both

 

Term: Before you are able to register with RECO, what documents must you submit? -

 

Definition: 1. Completed application form with fees (application review fee, 2 year registration fee & pro-rated insurance fee).

2. Criminal record check.

3. Canadian work permit (if required).

 

Term: Can a cheque be post-dated for a deposit? -

 

Definition: No.

 

Term: Can a dominant and servient tenement be owned by the same person? -

 

Definition: No

 

Term: Can a photocopy of a survey plan be accepted as authentic? -

 

Definition: No. A photocopy may be altered in some way or may not show all of the information from the original survey. A copy of the plan that does not bear an impressed seal may not be a valid copy of the original plan.

 

Term: Can a salesperson be employed by more than one brokerage (i.e. in different areas?) -

 

Definition: No.

 

Term: Can a salesperson charge commission based on the difference between the price listed for sale and what the property sells for? -

 

Definition: No

 

Term: Can a salesperson provide advice on the implications of an inappropriate termination of a tenant under the Residential Tenancies Act? -

 

Definition: Yes, the salesperson can give general information about the potential implications, but the salesperson cannot provide legal advice on the termination and needs to recommend the person seeks third party expert for further details about the specific situation at hand.

 

Term: Can express consent be obtained in writing only? -

 

Definition: No. Oral consent is acceptable but you may be asked to prove consent later.

 

Term: Can land be registered under both the Registry Act and the Land Titles Act? -

 

Definition: No.

 

Term: Can RECO refuse to grant registration if the applicant does not disclose they have substantial debt and are considering declaring bankruptcy? -

 

Definition: No.

RECO cannot refuse registration on the assumption that the applicant is considering bankruptcy. The applicant can have the ability to rectify the situation.

 

Term: Can the amount of a deposit cheque be rounded up to the nearest $10? -

 

Definition: No. Deposits must be exactly the amount listed in the Agreement of Purchase and Sale.

 

Term: Can you use a check-box that is pre-checked to obtain consent to send CEMs? -

 

Definition: No. Consent must be obtained through an opt-in mechanism rather than an opt-out mechanism. A pre-checked box for consent is not permitted as this would assume consent where it was not intended.

 

Term: Counties were divided into smaller parcels of land called _____________ -

 

Definition: Townships

 

Term: Define 'Adverse Possession' -

 

Definition: Occurs when an individual who is not the owner takes possession of the property, without the consent of the owner.

 

Term: Define 'Broker of Record' -

 

Definition: An individual who is a broker and is designated by the brokerage to ensure compliance with REBBA.

 

Term: Define 'Broker' -

 

Definition: An individual who has the prescribed qualifications to be registered as a broker under REBBA and who is employed by a brokerage to trade in real estate.

 

Term: Define 'Capital Gains' -

 

Definition: Refers to the net increase in value of a capital property from the date the property was purchased or the valuation date of Dec. 22, 1971 (whichever is most recent), to the date the property is sold.

 

Term: Define 'Damages' -

 

Definition: Financial compensation arising as a result of the breach. The injured party must prove the actual actual amount of their loss. They also have a general duty to make reasonable efforts to mitigate that harm by taking steps, following the breach, in order to reduce the extent of the loss.

 

Term: Define 'Estate' -

 

Definition: An interest in land that contains various rights associated with ownership or tenancy.

 

Term: Define 'Injunction' -

 

Definition: A court order stopping a party from doing something wrongful.

 

Term: Define 'Innocent misrepresentation' -

 

Definition: A statement by one party of a fact that is wrong, but is honestly believed to the true.

 

Term: Define 'Negligent misrepresentation' -

 

Definition: A misrepresentation without reasonable verification of its accuracy and the person who is misled may bring a lawsuit for damages.

 

Term: Define 'Principal Residence' -

 

Definition: A house, apartment in a duplex or apartment building or condominium, a cottage, a houseboat, a trailer or mobile home, or a share in a co-operative housing corporation, where a person usually lives.

 

Term: Define 'Quantum Meruit' -

 

Definition: A reasonable sum for services rendered, as determined by the courts that directs payment to the claiming party.

 

Term: Define 'Recission' -

 

Definition: Involves the revocation or cancellation of a contract, the contract is set aside by the court.

 

Term: Define 'Salesperson' -

 

Definition: An individual with the prescribed qualifications to be registered as a salesperson under REBBA and who is employed by a brokerage to trade in real estate.

 

Term: Define 'Specific Performance' -

 

Definition: An exceptional remedy. It's an order of the court directing the party in a breach to carry-out a specific obligation. This is a discretionary remedy and not an absolute right. It may be awarded only where damages are not an adequate remedy, the contract is fair and just, and the injured party acts promptly and fairly in making their claim.

 

Term: Define "'Brokerage' -

 

Definition: A corporation, partnership or sole proprietorship that trades in real estate on behalf of others for compensation or reward, or expectation thereof.

 

Term: Define a 'Balanced Market' -

 

Definition: The number of listings is sufficient for the number of buyers.

 

Term: Define a 'Buyer's Market' -

 

Definition: Available properties outnumber buyers looking to purchase.

 

Term: Define a 'Common Mistake' -

 

Definition: When both parties to the contract know the intention of the other, accept it, but are mistaken about an underlying fact. (ie. Both seller & buyer believe a property includes a right-of-way near a body of water, but in fact it doesn't. Basically an innocent mistake made by both parties and they both though the same thing was true.)

 

Term: Define a 'Mutual Mistake' -

 

Definition: When the parties misunderstand each other and are at cross-purposes, or have a contrary understanding. (i.e. A seller owns two lots on opposite sides of a lake. Buyer believes they are buying the South shore property while the seller believes the North shore property is being sold. Not intentional, but differing opinions on the mistake.)

 

Term: Define a 'Plan of Subdivision' -

 

Definition: A detailed survey indicating lots, blocks of land, road allowances, etc. Illustrates individual parcels that will be created once plans are approved.

 

Term: Define a 'Plan of Survey' -

 

Definition: A survey that consists of a visual depiction of the property, but does NOT contain a written report. Not registered in a land registry office but commonly attached to another document (i.e. deed/transfer of land). Also lacks certain certificates required by the Registry Act or Land Titles Act.

 

Term: Define a 'Seller's Market' -

 

Definition: Buyers outnumber available properties.

 

Term: Define a 'Surveyor's Real Property Report' -

 

Definition: A survey, traditionally referred to as a building location survey, that consists of two parts: The Plan of Survey and the Written Report. Shows everything that might affect the title to the property.

 

Term: Define a 'Unilateral Mistake' -

 

Definition: When one party is mistaken about a fundamental aspect of a contract. (i.e. The buyer believes the lot is approx. 1 acre; the seller is aware of this mistaken belief but remains silent. The buyer proceeds with the purchase based on the mistaken fact.)

 

Term: Define an easement via 'Implication' -

 

Definition: Created to avoid detrimental effects or inconvenience to an adjoining property owner. For example, if a sale of land adjoining the seller's land causes that parcel of land to be landlocked, the law implies that a buyer would have an easement over the seller's remaining land by way of necessity.

 

Term: Define an easement via 'Prescription' -

 

Definition: Continuous, exclusive access which is open for many years without the consent of the owner, but with the owner's knowledge.

 

Term: Define an easement via 'Statute' -

 

Definition: Easements created by statute do not require a dominant tenement. For example, the back of one property is bordered by a strip of land hosting public utilities that are only accessible with machinery through that property. In this case, an easement over the property is created by statute.

 

Term: Define the 'Competition Act' -

 

Definition: A federal statute that aims to protect fair competition and efficiency in the Canadian marketplace and protect consumers against anti-competitive activities.

 

Term: Define the 'Land Titles Assurance Fund' -

 

Definition: Under the Land Titles Act, this states that persons deprived of ownership through selected errors or fraud are entitled to compensation, provided such compensation cannot be obtained from other sources.

 

Term: Define the 'Parol Evidence Rule' -

 

Definition: In the determination of contractual disputes, this rule provides that oral evidence is inadmissible in court to vary or contradict the terms of a written contract, except in a case of fraud or mistake.

 

Term: Define the 3 elements of 'Fraudulent misrepresentation' -

 

Definition: - Made with the knowledge of its falsity or with reckless disregard for its truth

- The purpose must have been to induce the other party to enter a contract

- Must have been relied on to the other party's prejudice

(Deceived party by resist enforcement of the contract and seek damages for the conduct)

 

Term: Define The Fire Protection and Prevention Act -

 

Definition: The enabling legislation for the Ontario Fire Code, this Act sets out responsibilities for fire protection services; the duties and powers of the fire marshal and those appointed by the fire marshal; rights of entry in emergencies and fire investigations; inspections and related orders, offences and enforcement; recovery of costs; and employment and labour relations issues.

 

Term: Define the Greenbelt Act -

 

Definition: - Protects approx. 1.8 million acres of environmentally sensitive and ecologically important natural environments

- Includes (as of 2017) the Oak Ridges Moraine, the Niagara Escarpment, the Parkway Belt West Plan Area & the Glenorchy Conservation Area

 

Term: Define the Ontario Fire Code -

 

Definition: Provides for the safety of occupants in existing buildings through the elimination or control of fire hazards in and around buildings, the maintenance of life safety systems in buildings, and the establishment of a fire safety plan in those buildings where necessary.

 

Term: Describe a 'Lower-Tier Municipality' -

 

Definition: Responsible for preparation, adoption and revision of the Official Plan and the adoption of zoning bylaws, interim control bylaws, and other bylaws. Examples of lower-tier municipalities include the city of Cambridge, Mississauga, etc.

Where an upper-tier municipality exists, its council will often coordinate planning between the respective lower-tier municipalities, as well as address matters for which it may be directly responsible, including roads and water/sewer systems. In some instances, the upper-tier municipality may assume, by agreement, any of the planning responsibilities of the lower-tier municipality. Otherwise the lower-tier municipality will handle land-use matters within its jurisdiction, such as location, type and density of development.

 

Term: Describe a 'Single-Tier Municipality' -

 

Definition: One that assumes all municipal responsibilities set out under the Municipal Act and other provincial legislation. Some examples of single-tier municipalities are the City of Toronto, Ottawa, Sault Ste. Marie, etc.

 

Term: Describe a client relationship in reference to a brokerage. -

 

Definition: The term representation implies an agency relationship with the brokerage and this places both regulatory (REBBA) & fiduciary obligation on the brokerage. The brokerage is required to be loyal, not disclose confidential information and promote & protect the seller or buyer's best interests.

 

Term: Describe a customer relationship in reference to a brokerage. -

 

Definition: A brokerage can provide services to a seller or buyer rather than representing the party. This doesn't require the same level of obligation as a client relationship.

A brokerage must treat the customer with fairness, honesty & integrity and ensure information provided is accurate.

BUT ... No fiduciary obligations are owed when providing services (such as loyalty, confidentiality or promoting their best interests).

 

Term: Describe a linked dwelling. -

 

Definition: - Two or more single-family homes that are attached

- Placement of the attached portion isn't always obvious (may be a concrete wall below grade or above grade using the garage walls)

- May appear closer to the property line than other homes in similar neighbourhoods

 

Term: Describe a multi-unit residential dwelling. -

 

Definition: - More than one dwelling unit within a single building

- Often a residential duplex, triplex or fourplex

- Separate entrance and/or shared entrance through a common vestibule

 

Term: Describe a townhouse. -

 

Definition: - 3 or more units joined together by party walls

- Full basement, main level living area & upper level for bedrooms

- Can be on their own land or part of a condo complex

 

Term: Describe an 'Upper-Tier Municipality' -

 

Definition: One formed by two or more lower-tier municipalities. Municipal responsibilities set out under the Municipal Act and other provincial legislation and split between the upper-tier and lower-tier municipalities. Upper-tier is typically the region, county or district. Upper-tier municipalities are responsible for preparation, adoption and revision of the Official Plan, and the process of dividing and developing land. Examples of upper-tier municipalities are counties such as the Wellington County, Grey County, or a regional municipality such as Halton, Peel, Niagara, etc.

 

Term: Describe POLARIS -

 

Definition: The mapping and property detail database of the Ontario government.

 

Term: Describe some characteristics of an energy-efficient home -

 

Definition: - Well insulated and airtight with high-efficiency heating and cooling appliances that reduce energy bills

- Furnished with low-flow showers and toilets that lower water usage and heating costs

- Using energy-efficient lighting and appliances that lower energy and electricity consumption, including ones identified by the ENERGY STAR program

 

Term: Describe Teranet -

 

Definition: Responsible for implementation, operation and enhancement of POLARIS.

 

Term: Describe The City of Toronto Act -

 

Definition: - Provides for the broad, permissive legislative framework for the city's municipality and balances the interests of the province and the city

- Enables Toronto's council to better respond to the city's needs and pass bylaws on matters ranging from health and safety to the city's economic, social and environmental wellbeing, subject to certain limitations

- Enables determination of the appropriate mechanisms for delivering municipal services, the appropriate levels of municipal spending and use of fiscal tools to support the city's activities

- Helps to ensure that the city is accountable to the public and that the processes for making decisions are transparent

 

Term: Describe The Curtain Principle according to the Land Title Act -

 

Definition: The register is the sole source of information for proposed buyers, who need not and indeed must not concern themselves with trusts and equities that lie behind this curtain of information.

 

Term: Describe the history of the "Metes and Bounds" system. -

 

Definition: An older system of written land description that arose when irregular parcels were carved out of concession lots.

 

Term: Describe the Image Database -

 

Definition: Includes plans as well as images of all active instruments in the title index database. E-registration documents are updated shortly after registration. Paper-based documents are collected on microfilm and then transferred to the image database.

 

Term: Describe The Insurance Principle according to the Land Title Act -

 

Definition: The Mirror Principle is deemed to give the absolute correct reflection of title but, if through human error, a flaw appears, anyone who suffers loss must be put in the same position, so far as money can do, that they would have been in had the reflection been a true one.

 

Term: Describe The Mirror Principle according to the Land Title Act -

 

Definition: The register of title is a mirror that accurately and completely reflects, beyond all argument, the current facts that are material to a person's title.

 

Term: Describe The Ontario New Home Warranties Plan Act -

 

Definition: Requires every builder and vendor selling new homes to warrant that a home is:

- Constructed in an efficient and competent manner

- Free from defects in material

- Fit for habitation

- Constructed in accordance with the Ontario Building Code

- Free of major structural defects

- Subject to any other warranties as prescribed by the regulations

 

Term: Describe the Property Index Database -

 

Definition: Provides visual indexing maps to locate properties. Updates occur following document registration when mapping amendments are made relating to property boundaries.

 

Term: Describe the Title Index Database -

 

Definition: Replaces the abstract indexes and parcel registers found in the traditional paper-based land registry office. The database is automatically updated as new documents are registered.

 

Term: Do direct messages sent to people via social media count as CEMs? -

 

Definition: Yes

 

Term: Does a person trading in seasonal / vacation rentals and commercial leases require registration? -

 

Definition: Yes, as the exemption only applies to a person who trades solely for the purpose of arranging leases under the Residential Tenancies Act.

 

Term: Does an easement transfer when the land is sold? -

 

Definition: Yes.

 

Term: Does capital gains tax apply to the sale of a principal residence? -

 

Definition: No

 

Term: Does every branch office require a Broker of Record? -

 

Definition: No.

Only 1 Broker of Record is required for the main office only. Each branch office is assigned its own Branch Manager to provide supervision, compliance with REBBA & handle all record management.

 

Term: Does having ENERGY STAR appliances contribute to a low carbon footprint of a property? -

 

Definition: No. The ENERGY STAR rating on an appliance indicates the energy consumption for the appliance but does not indicate that the property will have a low carbon footprint. It only provides a mechanism to make energy-efficient choices to save money on energy bills.

 

Term: During a purchase or sale by a registrant of their own property (or one they have a direct or indirect interest in), what needs to be included in the disclosure statement to all other parties? -

 

Definition: - That the individual is a salesperson, broker or brokerage

- All known facts that may affect the value of the property

- Details of any third-party negotiations for the subsequent sale of the property

The salesperson must obtain written acknowledgement from the other parties that they have received the required disclosure before the offer can proceed.

 

Term: During what project is the first application process replaced with a large-scale administrative conversion? -

 

Definition: The Land Titles Conversion Project

 

Term: E-registration refers to what? -

 

Definition: Title documents being created, submitted and maintained in electronic form.

 

Term: Each concession was divided into ________ -

 

Definition: Lots

 

Term: Each concession was separated from the next one by what? -

 

Definition: A road allowance

 

Term: Each township was divided into strips of land known as __________ -

 

Definition: Concessions

 

Term: Fundamental objective of REBBA's Code of Ethics? -

 

Definition: To protect sellers and buyers by outlining professional and ethical standards to be upheld during all real estate activities.

 

Term: General term used to refer to all brokerages, brokers & salespersons registered under REBBA? -

 

Definition: Registrant

 

Term: Green building refers to house construction techniques that promote what? -

 

Definition: - Energy-efficiency and effective use of resources

- Durability in component products

- Sound environmental planning

 

Term: How are Capital Gains taxed differently than Business Income? -

 

Definition: - With business income, the net income after deductive expenses is taxed.

- With a capital gain, only 50% of the net proceeds is added to the income of the taxpayer and taxed at the appropriate tax rate.

 

Term: How are documents in the abstract books organized? -

 

Definition: Chronologically, thereby establishing priority.

 

Term: How can a homeowner register an underground fuel storage tank? -

 

Definition: Submit an Underground Fuel Oil Application Form to the TSSA. After approval, the TSSA issues a registration number that the homeowner can provide to the fuel distributor to access fuel supply.

 

Term: How can a non-resident of Canada sell their Canadian property and take the tax requirements off of the buyer? -

 

Definition: - may pay the tax liability in advance of the completion of sale. - actual tax that the non-resident owes is calculated using the estimated sale proceeds minus the property's "adjusted cost base." -Once seller files the necessary documents + pays required taxes, the Minister of National Revenue issues a certificate. - If seller obtains this certificate before closing, then no credit needs to be applied. - As long as the buyer has demonstrated reasonable enquiry, there's no tax liability concern to the buyer.

 

Term: How can the buyer demonstrate that they made reasonable enquiry and there is no tax liability concern to the buyer? -

 

Definition: Have the seller sign a statutory declaration that they are NOT a non-resident (both at the time of signing the offer and upon sale completion).

 

Term: How do the Greenbelt Plan, the Oak Ridges Moraine Conservation Plan and the Niagara Escarpment Plan work together? -

 

Definition: - Determine where urbanization should not take place

- Ensure that agricultural, ecological and hydrological features, areas and functions are protected

 

Term: How do you avoid the common pitfalls of advertising? -

 

Definition: Be specific and site sources for everything (i.e. instead of saying "#1 in Grovetown", say "#1 team for units sold* in Grovetown" *Based on Grovetown local listing service statistics for 2018 for the ABC Brokerage team consisting of four salespersons)

 

Term: How does a right-to-use interest in a timeshare work? -

 

Definition: A buyer purchases the right to use a unit but does not have an ownership interest in the property. The buyer doesn't receive a title deed, the contract only gives the right to use for a specific time period. Typically the right to use will expire after a stated number of years and then revert back to the owner of the property.

 

Term: How does EnerGuide for houses work? -

 

Definition: - Gives a rating between 1-100 (1 = significant air leakage, limited or no insulation and high energy consumpton while a home near 100 = well-insulated, properly ventilated and requires no purchased energy, such as a solar house)

- Older homes are typically in the 50-65 range with R-2000 being above 80

 

Term: How does fee ownership interest work in a timeshare? -

 

Definition: A buyer purchases an actual deed interest in the property for a specific period of time each year. Ownership does not end after a specific time period and usage rights can be sold, gifted or included in a will.

 

Term: How does RECO work in the public interest? -

 

Definition: 1. Enforcing standards to obtain & maintain registration.

2. Establishing education standards.

3. Establishing & administering insurance requirements (including

consumer deposit protection).

4. Addressing inquiries, concerns, & complaints about the conduct of a

brokerage, broker, or salesperson and taking appropriate action.

5. Conducting inspections of brokerages to ensure compliance with REBBA and

to educate brokers of record.

6. Consumer protection education and information for sellers & buyers involved in real estate transactions.

 

Term: How does the Land Titles Register differ from the Abstract Book? -

 

Definition: The only existing and valid interests remain on the Register. All prior interests that have ended are deleted.

 

Term: How is 'Matrimonial Home' defined in The Family Law Act? -

 

Definition: Every property in which a person has an interest and that is or, if the spouses have separated, was at the time of separation ordinarily occupied by the person and his or her spouse as their family residence is their matrimonial home.

 

Term: How is a buyer's deposit safeguarded before closing? -

 

Definition: Held in a real estate trust account and covered by the RECO Insurance Program.

 

Term: How long after express consent is granted does it expire? -

 

Definition: Not until the recipient withdraws their consent.

 

Term: How long does a Rezoning application take from start to finish? -

 

Definition: 9 months

 

Term: How long does an Official Plan last? -

 

Definition: 10 to 15 years, and is reviewed every 5 to 10 years based on growth or the needs of the community.

 

Term: How long does registration with RECO last before you need to renew? -

 

Definition: 2 years

 

Term: How long is typically given for the satisfying of conditions when a conditional consent for land severance is given? -

 

Definition: 1 year

 

Term: How long must numbers recorded on the internal Do Not Call List be kept? -

 

Definition: A minimum of 3 years

 

Term: How many members does RECO's Board of Directors have? -

 

Definition: 12

 

Term: How many principal residences can a person have? -

 

Definition: 1

 

Term: How many real estate boards are currently operating in Ontario? -

 

Definition: 38

 

Term: How often is the Ontario Building Code reviewed and amended? -

 

Definition: Every 5 years

 

Term: How quickly should funds from a buyer be deposited? -

 

Definition: As soon as possible. 5 days is the absolutely maximum only.

 

Term: How, under 'Adverse Possession', can an occupier of land extinguish the title of the owner and claim legal ownership of that land? -

 

Definition: Possession must be:

- Visible

- Exclusive

- Continuous for a period without the consent of the owner but with the owner's knowledge for a minimum of 10 years

Note: No title claims by adverse possession can occur under the land titles, which is a system of land registration in Ontario

 

Term: If a buyer is keeping a mobile home in a park after closing, the Agreement of Purchase and Sale should include what document? -

 

Definition: Relevant Site Lease Document

 

Term: If a co-operating brokerage receives a deposit that is director to another party (i.e. the listing brokerage), what should be obtained? -

 

Definition: A receipt

 

Term: If a Non-Conforming Structure is sold, will the status as an except to the zoning continue to the new owner? -

 

Definition: Yes, as long as the non-conforming use continues.

 

Term: If a permit wasn't obtained at the time an improvement was made to a house, is it a good idea to hire a home inspector to evaluate the property? -

 

Definition: No. Even if all the work appears to have been performed as specified in the Building Code, a home inspector cannot see behind finished walls to see if the framing, wiring and plumbing meets the code. There is still a legal requirement for the owner or contractor to obtain a building permit for the improvement.

 

Term: If a property is a designated matrimonial home, to avoid any issues regarding conflicting ownership, you must always ensure that all parties do what? -

 

Definition: Consent to the transaction.

Term: Name the different types of commercial buildings. -

 

Definition: - Office

- Retail

- Mixed-use

- Multi-unit

- Industrial

- Agricultural

 

Term: Name the types of attached homes. -

 

Definition: - Semi-detached

- Townhouse

- Linked dwelling

- Multi-unit resident dwelling

 

Term: Once registered, how long do you have to complete Post-Registration Education requirements? -

 

Definition: 2 years

 

Term: Once you pass the Pre-Registration exam, how long do you have to find employment with a brokerage and apply for registration with RECO? -

 

Definition: 1 year

 

Term: Other than REBBA, what statutes enforce regulation of advertising? -

 

Definition: - The Competition Act

- The Personal Information Protection and Electronic Documents Act (PIPEDA)

- Trademark & copyright statutes

- Provincial laws relating to consumer protection

- Municipal by-laws regarding things such as signage

 

Term: Owners wishing to develop property by registering a plan of subdivision or condominium on an LTCQ parcel must apply to upgrade the title to a ______ _______ __________ ________. -

 

Definition: Land Titles Absolute Plus

 

Term: Plants and animals classified as being endangered, threatened or extirpated are automatically ___________ from harm or harassment. -

 

Definition: Protected

 

Term: POLARIS permits the user to find property by what information? -

 

Definition: - "Individual parcel" (referenced by a Property Identification Number or PIN)

- Individual name

- Municipal address

- Mapping

- Registered instrument number

- Condominium plan

- Plan of Subdivision

 

Term: Purpose of REBBA? -

 

Definition: provide a framework for the responsive regulation of the real estate profession to protect consumers and ensure the integrity of real estate transactions is upheld.

 

Term: Purpose of REBBA's Code of Ethics? -

 

Definition: set minimum standards to help ensure no misunderstanding or ambiguity exists in the minds of sellers and buyers about what they should expect when interacting with a real estate professional.

 

Term: Registrants who falsify information may have their registration suspended or revoked, or may face charges under what Act? -

 

Definition: The Provincial Offences Act

 

Term: Registration with which organization gives registrants access to the MLS system, local market information & data reports? -

 

Definition: Local Real Estate Board

 

Term: Surveyors in Ontario are subject to what Acts? -

 

Definition: - The Surveys Act

- The Surveyors Act

 

Term: The 'Provincial Policy Statements' include the policies to do what? -

 

Definition: - Support long-term planning for alternative and renewable energy sources such as wind power

- Discourage urban sprawl across Ontario by supporting intensification in appropriate areas and the efficient use of land and resources

- Support the protection of Ontario's environment through enhances policies, including stronger protection of the province's water resources

- Protect the province's natural heritage resources including habitats, provincially significant wetlands on the Canadian Shield, and coastal wetlands

- Promote development of affordable housing by requiring municipal targets

- Respond to concerns about the loss of farmland by prohibiting retirement lots and residential infilling on prime agricultural lands

- Support and protect rural areas, by allowing development that is in keeping with the unique character of rural Ontario

 

Term: The EPA outlines processes, assessments, tools and regulations to ensure what? -

 

Definition: - The health of the environment is protected

- Risks are assessed

- Remediation is carried out

- Citizen participation is encouraged

 

Term: The Greenbelt is part of Ontario's _______ Plan -

 

Definition: Growth

 

Term: The Land Titles Act operates on the premise that the _______ ________ __________ (a book roughly comparable to the Abstract Book in Registry) is the sole information source for purchasers. -

 

Definition: Land Titles Register

 

Term: The Land Titles System records property interests on what basis? -

 

Definition: Parcel numbers

 

Term: The Real Estate Council of Ontario (RECO) administers REBBA on behalf of who? -

 

Definition: The provincial government (Ontario)

 

Term: The Registry System records property interests on what basis? -

 

Definition: Geographic location / the land description (aka Tract Indexing)

 

Term: The term 'Buyer' (used by REBBA) is synonymous with the term '__________' which may be used in other legislation. -

 

Definition: Purchaser

 

Term: The term 'Seller' (used by REBBA) is synonymous with the term '__________' which may be used in other legislation. -

 

Definition: Vendor

 

Term: The TSSA reports to who? -

 

Definition: The Ministry of Government and Consumer Services

 

Term: To be complete and accurate, the Surveyor's Real Property Report must have what? -

 

Definition: - Municipal address

- Dimensions & bearings

- Designation of adjacent properties, roads, lands, etc.

- Location & description of notable improvements (overhangs, fences, driveways, pools, trees, etc.)

- Easements, rights-of-way or encroachments (hydro lines, telephone, etc.)

- Location of monuments

- Note indicating who the survey was prepared for

- Certification by an Ontario land surveyor

- Written report

 

Term: True or false? An oral contract for the acquisition or disposition of any interest in the land is enforceable. -

 

Definition: False. Any contract in real estate is required to be in writing.

 

Term: Two women invest in a two-storey house to use as an investment property before they are in a car accident together. One woman dies and the house is passed directly to the surviving woman. What type of concurrent ownership did the partners have? -

 

Definition: Joint Tenancy

 

Term: Under REBBA, a brokerage must deposit funds into the real estate trust account within how many business days of receipt? -

 

Definition: 5

 

Term: Under the Code of Ethics, registrants MUST inform clients and customers of all properties that -

 

Definition: meet their search criteria, regardless of the amount of commission offered by the listing brokerage.

 

Term: Under the directive of the EPA, what powers are officers given to ensure adherence to environmental regulations? -

 

Definition: - Enter and search premises

- Interview individuals

- Examine documents to ensure that violations are dealt with expediently

 

Term: Under the EPA, who must be notified if a spill happens? -

 

Definition: - The Ministry of the Environment, Conservation and Parks

- The affected municipality

 

Term: Under the Planning Act, what policy outlines the Ontario's stance on land use planning? -

 

Definition: Provincial Policy Statement

 

Term: What 5 components does EnerGuide for Houses take into account when evaluating a home? -

 

Definition: - Airtightness and thermal resistance of the building envelope

- Heating system

- Domestic water supply

- Ventilation system(s)

- Permanently installed renewable energy equipment

 

Term: What Act sets out requirements for the establishment of survey items (i.e. lines, boundaries & corners)? -

 

Definition: The Surveys Act

 

Term: What activities are NOT permitted without a license? -

 

Definition: - Be active participant in listing or offer presentation

- Explain or advise seller on changes to the listing agreement

- Receive/acknowledge a notice on behalf of a seller or buyer

- Show a property to a buyer

- Negotiate an offer w/seller or buyer

- Answer questions re: the listing info on a property

- Prospecting of any kind (i.e. phone solicitation or door knocking)

- Access a property to assist a buyer or third-party professional during an inspection

- Host an open house

- Blog about the real estate market

 

Term: What activities ARE permitted without a license? -

 

Definition: - Attend a listing or offer presentation in a support role with a salesperson (i.e. taking photos or measuring rooms)

- Set up listing files, complete marketing sheets, submit listings & changes to the MLS

- Witness a seller or buyer signature

- Schedule appts for a broker / salesperson

- Draft offers based on directions of a broker / salesperson

- Provide listing info to consumers (i.e. a flyer)

- Prepare promo material or place "For Sale" or "Sold" sign on property

- Install lockboxes

- Attend open house w/broker or salesperson

 

Term: What are 2 types of electrical wiring that were popular in homes built in the 1960s and 1970s? -

 

Definition: - Aluminum wiring

- Knob-and-Tube wiring

 

Term: What are 3 common residential bylaws? -

 

Definition: - Sign bylaw

- Parking bylaw

- Noise bylaw

 

Term: What are 3 major areas that The Ministry of the Environment, Conservation and Parks is concerned with? -

 

Definition: Pollution, Waste Management & Litter Management

 

Term: What are 4 factors that help make a building green? -

 

Definition: - Ecological considerations

- Indoor air quality

- Waste recycling/diversion

- Energy efficiency

 

Term: What are 4 ways a salesperson can be cautious when dealing with a property that they suspect or know has an underground fuel storage tank? -

 

Definition: - Verify if the property has an underground fuel storage tank

- Provide tips to the property owner to maintain the underground fuel storage tank

- Disclose the existence of the underground fuel storage tank to the buyer

- When representing a buyer, draft a clause within the offer address the storage tank (i.e. seller agrees to removal and testing of surrounding area for contamination and agrees to remedy before sale is complete)

 

Term: What are 4 ways to minimize risk concerning environmental issues? -

 

Definition: 1. Be well-informed

2. Ensure honesty and fairness in negotiations

3. Draft accurate agreements/contracts

4. Seek expert advice when necessary

 

Term: What are considered 'Chattels'? -

 

Definition: Personal property that is moveable. These are usually excluded from the purchase of a property unless otherwise negotiated between the buyer & seller.

 

Term: What are considered 'Fixtures'? -

 

Definition: Personal property that is securely attached - usually permanently - to a property and are typically included in the sale of the home. Examples of fixtures: curtain rods, window shutters, light fixtures, mirrors & built-in appliances.

 

Term: What are potential problem areas commonly seen in advertising? -

 

Definition: - Comparative rankings (e.g. "#1 brokerage in town")

- Claims about business volume or trading activity (e.g. "Over 100 transactions last year")

- Promises of savings or rebates (e.g. "$1000 cash back")

- Honours or awards received by the registrant (e.g. "President's Award")

 

Term: What are R-Plans normally required for? -

 

Definition: - Severance of an existing parcel of land

- First application (first registration) under the Land Titles Act

- When the land registrar determines that the title is too vague or complex, an R-plan would be requested for clarity

 

Term: What are requirements of The Ontario Fire Code? -

 

Definition: - All buildings occupied by tenants and visited by members of the public should have fire alarm systems, smoke and heat detectors, carbon monoxide alarms and sprinkler systems. Fire doors and their automatic closers must be kept operational.

- Where possible, the alarm system should be connected to a monitoring station so there is immediate response in the event of a fire

- Hand-held fire extinguishers and fire hoses should be installed on every floor

- Fire prevention systems and equipment installed in a building should be inspected regularly to ensure they are operational.

 

Term: What are some common projects that do NOT require a building permit? -

 

Definition: - Building an uncovered platform or deck where the deck isn't attached to a residential building and doesn't exceed a specified height

- Mounting a skylight in a building that does not exceed 3 floors

- Re-cladding a building that doesn't exceed 3 floors with non-combustible material

- Installing or replacing a sump pump, cooling and heating systems, air purifiers and other similar home appliances

- Adding or replacing insulation, a furnace or a boiler

- Replacing windows, doors or existing roofing materials, provided no structural work is required

- Repairing and replacing plumbing fixtures

 

Term: What are some defining characteristics of the Greater Golden Horseshoe? -

 

Definition: - Diverse economy

- Productive and desirable farmland due to its rich soil, moderate climate and substantial water resources

 

Term: What are some examples of material facts? -

 

Definition: - Condition of the structure such as a roof leak, mechanical or electrical deficiencies or basement water seepage

- Environmental hazards such as asbestos, lead, mould or a previous use as a grow-op

- Building measurements or lot size

- Property taxes

- Zoning

- Previous, present and potential use of the property or surrounding properties

- Easements or restrictions registered on title

- Renovations completed without permits or inspections

- Events that have occurred on the property such as a death, suicide or break-in

 

Term: What are some examples of when an environment site assessment may be required during a residential resale? -

 

Definition: - There's a buried oil tank on the property

- There's asbestos wrapping around a heating supply or return lines from a boiler

 

Term: What are some potential consequences / penalties if in contravention of Competition Act? -

 

Definition: - Negative publicity for the brokerage and yourself

- Lost time

- Criminal fines up to $25 million and civil fines up to $10 million

 

Term: What are some signs that a house may have (or at one time in the past had) an underground fuel storage tank? -

 

Definition: - Pipes sticking out of the ground

- Indications of oil leakage

- If the oil supply line to the furnace or hot water tank runs below the basement floor

 

Term: What are some things you need to avoid carefully when advertising? -

 

Definition: - Misleading statement

- False statement

- Deceptive statement

- Inaccurate representation

 

Term: What are some ways of providing Conscientious and Competent Service? -

 

Definition: - Stop and think

- Ask your broker of record or manager

- Understand your advice will be relied upon

- Always do things the right way

- Continue to learn and be aware of changes affecting the profession

- Search past discipline decisions on the RECO website

 

Term: What are some ways to make a home more energy-efficient? -

 

Definition: - Use a programmable thermostat

- Seal air leaks

- Replace old bulbs

- Insulate hot and cold water pipes

- Upgrade the exhaust fans

- Use water-saving faucets, showerheads and toilets

 

Term: What are the 'Final Plan Approval Steps For Subdivision? -

 

Definition: - Appeal decision (if applicable)

- Final plan approval

- Final plan registration

 

Term: What are the 'Provincial Interests' as set out in the Planning Act? -

 

Definition: - Conservation and management of ecological systems, agriculture resources, natural resources, mineral resource base, and spaces of architectural, cultural, historical and archaeological significance

- Orderly development of safe and healthy communities ensuring the accessibility for persons with disabilities to all facilities and services

- Adequate provision and efficient use of communication, transportation, sewage and water services and waste management systems

- Adequate provision and distribution of educational, health, social, cultural and recreational facilities, housing and employment opportunities

- Resolution of planning conflicts involving public and private interests and the promotion of sustainable development

- Promotion of built form that encourages a sense of place and provides spaces that are safe, attractive and vibrant

 

Term: What are the 'Steps for Subdivision'? -

 

Definition: 1. Consult and Determine Authority

2. Prepare a Draft Plan

3. Complete Application

4. Approval Authority (Provide Notices and Hold Public Meetings)

5. Decision and Notice of Decision

6. Appeal Decision (if applicable)

7. Final Plan Approval > Decision by Local Planning Appeal Tribunal (LPAT)

8. Registration

 

Term: What are the 2 documents required for condominium registration, which are submitted by a Surveyor? -

 

Definition: - The Description

- The Declaration

 

Term: What are the 2 information types PIPEDA applies to? -

 

Definition: - Personal Information (easily associated info such as name, residential address)

- Sensitive Personal Information (a subset of personal information dealing with sensitive data; i.e. financial info, and physical / mental condition)

 

Term: What are the 2 land registration systems used in Ontario where a title can be registered? -

 

Definition: - The Registry Act

- The Land Titles Act

 

Term: What are the 2 most common types of estates? -

 

Definition: Fee simple & leasehold.

 

Term: What are the 2 types of concurrent ownership? -

 

Definition: - Joint tenancy

- Tenancy in common

 

Term: What are the 2 types of maps used in the POLARIS system? -

 

Definition: - Block Index Map

- Property Index Map

 

Term: What are the 2 types of offices a brokerage can have? -

 

Definition: - Main brokerage office

- Branch office

 

Term: What are the 3 best practices to ensure compliance with the Competition Act? -

 

Definition: - Do not collude

- Do not discriminate

- Do not mislead

 

Term: What are the 3 different databases that Teraview accesses within POLARIS? -

 

Definition: - Title Index Database

- Property Index Database

- Image Database

 

Term: What are the 3 levels of Organized Real Estate? -

 

Definition: - The Canadian Real Estate Association (CREA)

- The Ontario Real Estate Association (OREA)

- Local Real Estate Boards

 

Term: What are the 3 principles that the Land Titles system is based on? -

 

Definition: - Mirror principle

- Curtain principle

- Insurance principle

 

Term: What are the 3 professional categories permitted under REBBA? -

 

Definition: Brokerage, Broker & Salesperson

 

Term: What are the 3 steps required to register with RECO? -

 

Definition: 1. Complete the registration education requirements.

2. Register with RECO once employed by a brokerage.

3. Purchase insurance coverage through the RECO Insurance Program.

 

Term: What are the 3 types of easement? -

 

Definition: - Right-of-way (allows another person to travel or pass through another's land)

- Party wall (i.e. shared wall between units)

- Mutual shared driveway (easement exists on each property)

 

Term: What are the 3 types of municipalities? -

 

Definition: 1. Single-tier

2. Upper-tier (in the two-tier municipality)

3. Lower-tier (in the two-tier municipality)

 

Term: What are the 3 ways an easement can be terminated? -

 

Definition: - Merge (when the dominant and servient tenements merge)

- Release (the dominant tenement removes the easement from the title)

- Ceasing of purpose (if the purpose of the easement disappears, so does the easement)

 

Term: What are the 4 required unities for joint tenancy? -

 

Definition: Title, Time, Possession, Interest

 

Term: What are the 4 requirements for advertising? -

 

Definition: - Identification of registrant

- Identification of Individuals

- Identification of brokerage

- Description of registrant

 

Term: What are the 5 common methods to terminate a contract involving real property? -

 

Definition: - Performance (contract is fulfilled)

- Mutual Agreement (both parties agree to void the contract)

- Impossibility of Performance (i.e. cottage burns down before closing)

- Operation of Law (i.e. death of a party, bankruptcy, unauthorized unilateral alteration of contractual terms or in other words, one party changes the terms of the contract without approval)

- Breach

 

Term: What are the 5 standard documents set out by The Land Registration Reform Act? -

 

Definition: - Transfer/Deed of Land

- Charge/Mortgage of Land

- Discharge of Charge/Mortgage of Land

- Document General

- Schedule

 

Term: What are the 6 defining characteristics of 'Easements'? -

 

Definition: - Specific use

- Dominant and servient tenements

- Two different parties (one person can't own both the servient and dominant tenements)

- Sole benefit (easements must solely benefit the dominant tenement)

- Transferable (Easements run with the land and easement binds subsequent owners)

- Adjoining and non-adjoining (the dominant and servient tenement do not have to be adjoining)

 

Term: What are the 6 general uses according to Zoning Bylaw? -

 

Definition: - Residential

- Commercial

- Industrial

- Institutional

- Open Space

- Agricultural

 

Term: What are the 10 Principles of Privacy? -

 

Definition: 1. Accountability

2. Identifying purposes

3. Consent

4. Limiting collection

5. Limiting use, disclosure and retention

6. Accuracy

7. Safeguards

8. Openness

9. Individual access

10. Challenging compliance

 

Term: What are the 10 Spheres of Influence of municipal government? -

 

Definition: 1. Public Utilities

2. Waste Management

3. Transportation Systems (Other than Highways)

4. Highways (Public Roads) Including Parking & Traffic

5. Culture, Parks, Recreation & Heritage

6. Drainage & Floor Control (Except Storm Sewers)

7. Structures (Including Fences and Signs)

8. Parking (Other than Highways)

9. Animal Control

10. Economic Development Services

 

Term: What are the acceptable forms of payment for a deposit? -

 

Definition: Cheque, money order or bank draft

 

Term: What are the categories of energy-using products? -

 

Definition: - Household appliances

- Water heaters

- Heating and air-conditioning equipment

- Lighting products

- Electronic products

- Refrigeration equipment

- Other commercial and industrial products

 

Term: What are the categories of species under the Endangered Species Act? -

 

Definition: - Extirpated (Exists somewhere in the world and at one time existed in the wild in Ontario but is now extinct in Ontario

- Endangered (Exists in the wild in Ontario but is facing possible extinction or extirpation)

- Threatened (Exists in the wild in Ontario and is not endangered, but steps need to be taken to address factors threatening it)

Special concern: Exists in the wild in Ontario and is not endangered or threatened, but biological characteristics and/or identified threats may cause it to become threatened or endangered

 

Term: What are the consequences of violating the Ontario Building Code if a homeowner builds without a required permit? -

 

Definition: The municipality can impose heavy fines on the homeowner ($50k for a first offence and up to $100k for subsequent offences) or order the structure to be removed. In extreme cases, the municipality can deem the house unfit to live in.

 

Term: What are the contract requirements of The Real Estate and Business Brokers Act? -

 

Definition: - All agreements are reduced to writing at the earliest opportunity, signed by the brokerage and submitted to the seller or buyer for signature

- That registrants use their best efforts to ensure that all parties to an agreement receive a copy as soon as possible and ensure that deposits and other related documents (i.e. notice removing conditions) be delivered in accordance with the agreement of purchase and sale

 

Term: What are the contract requirements of The Vendors and Purchasers Act? -

 

Definition: - The seller is not bound to produce any abstract of title, deed, copy of a deed or other evidence of title except as are in the seller's possession or control

- The buyer shall search the title at the buyer's own expense and shall make any objections in writing within 30 days from making of the contract

- The seller has 30 days in which to remove any objection made to the title. If the seller is unable or unwilling and the buyer doesn't waive the request, the seller may cancel the contract and return any deposit made, but is not otherwise liable to the buyer

- Taxes, local improvements, insurance premiums, rent and interest shall be adjusted as at the date of closing

- The conveyance (legal process of transferring of ownership from one party to another) shall be prepared by the seller and the mortgage, if any, by the buyer; the buyer pays for the registration of the transfer/deed and the seller pays for the discharge of the mortgage

- The buyer is entitled to possession or the receipt of rent and profits upon the date of closing the transaction

 

Term: What are the essential elements of a contract? -

 

Definition: - Genuine intention (Both parties must consent to the terms of the contract)

- Lawful object (The contractual arrangement must be lawful)

- Definite & clear (The subject and terms of the agreement must be stated clearly)

- Consideration (Each party must receive something of value)

- Capacity of the parties (The parties entering into a contract must be legally competent & of sound mind and legal after of majority to make the contract)

- Offer and acceptance (There must be mutual agreement between the parties)

 

Term: What are the first steps when RECO receives a complaint? -

 

Definition: An initial screening process determines if a complaint is frivolous, outside RECO's jurisdiction or could be resolved informally.

 

Term: What are the functions of the Committee of Adjustment? -

 

Definition: - Granting of minor variances

- Providing consents to sever land

- Granting consents for the continuation of a non-conforming use

 

Term: What are the functions of The Ontario Real Estate Association (OREA)? -

 

Definition: - Lobbying for Realtors

- Providing downloadable forms & clauses

- Offering savings programs

- Informing members of industry news

 

Term: What are the goals of a 'Zoning Bylaw'? -

 

Definition: - Implements the objectives and policies of a municipality's Official Plan

- Is the legal method of managing land use and future development

- Protects the community from conflicting and possible dangerous land uses

- Controls the use of land and states exactly: How the land may be used, where buildings can be located, the types of buildings permitted & use, lot sizes and dimensions, parking requirements, building heights and setbacks from the street

 

Term: What are the main areas of real estate you can trade in? -

 

Definition: - Residential resale

- New home sales

- Residential condominium

- Rural, recreational & agricultural sales

- Commercial

- Leasing (commercial or residential)

 

Term: What are the main benefits of living in a green house or building? -

 

Definition: - Lower on-going energy costs despite a higher cost in the beginning

- Good for the environment

- Higher resale value than a non-efficient house

 

Term: What are the most common types of surveys? -

 

Definition: - Surveyor's Real Property Report

- Reference Plan (R-Plan)

- Plan of Survey

- Plan of Subdivision

 

Term: What are the parts of a legal land description? -

 

Definition: - Locational Reference

- Encumbrances (restrictions / easements)

- Municipality / Registry Office

 

Term: What are the potential consequences for homeowners or landlords not meeting smoke alarm requirements (other than potential smoke inhalation or burning to death)? -

 

Definition: $360 fine or a fine of up to $50k for an individual and $100k for a corporation

 

Term: What are the potential outcomes if a registrant is charged with falsifying information or counselling others to do so? -

 

Definition: - Fines of up to $50k for a salesperson and $250k for a corporation

- Up to 2 years prison time

- A court can order a convicted person to pay compensation or restitution to the affected parties

 

Term: What are the primary activities of The Electrical Safety Authority? -

 

Definition: - Identifying and targeting leading causes of electrical safety risk

- Ensuring compliance with regulations

- Promoting awareness of electrical safety

- Providing education and training about electrical safety

- Collaborating with stakeholders, such as contractors, consumers and businesses, to improve the state of electrical safety in Ontario

 

Term: What are the primary roles of The Ministry of the Environment, Conservation and Parks? -

 

Definition: - Works to promote clean and safe air, land and water.

- Ensures that communities are kept healthy by protecting and improving all aspects of the environment

 

Term: What are the procedures RECO imposes when there are more serious complaints made? -

 

Definition: - Immediate suspension (temporary suspension to protect the public)

- Registrar proposal (i.e. revoking, suspending or refusing to register along with the reasons for this action)

- Director's action (The Director may appoint investigators to conduct investigations under the Act, issue a search warrant or a freeze order)

- Provincial offences prosecution (conducting trials, sentencing & appeals - individuals can be fined up to $50k and $250k for corporations)

- Refer to a law enforcement agency (fraud is one example of a serious offence that can ultimately lead to criminal prosecution)

 

Term: What are the procedures the Registrar of RECO can take when handling a complaint? -

 

Definition: - Acknowledgement and undertaking

- Apply voluntary conditions

- Request a meeting

- Mediate or resolve the complaint

- Issue a written warning

- Require educational courses

 

Term: What are the purposes of the Planning Act? -

 

Definition: - Promote sustainable economic development in a healthy natural environment

- Provide for a land use planning system led by provincial policy

- To integrate matters of provincial interest in provincial/municipal planning decisions

- Provide for planning processes that are fair by making them open, accessible, timely and efficient

- Encourage co-operation and co-ordination among various interests

- Recognize the decision-making authority and accountability of municipal councils in planning

 

Term: What are the reasons RECO can conduct a brokerage inspection? -

 

Definition: - Ensuring compliance with REBBA

- Dealing with a complaint

- Ensuring a registrant remains entitled to registration

 

Term: What are the remedies for a breach of contract? -

 

Definition: - Recission

- Damages

- Quantum meruit

- Specific performance

- Injunction

 

Term: What are the requirements for using an electronic signature? -

 

Definition: - Must be reliable for the purpose of identifying the person

- The association of the electronic signature with the relevant electronic document must be reliable

- The electronic signature meets the prescribed requirements, if any, as to method

- The electronic signature meets the prescribed information technology standards

 

Term: What are the requirements of a 'Draft Plan of Subivision'? -

 

Definition: - Boundaries of the land proposed to be subdivided

- Locations and names of proposed highways in the plan or highways abutting the property

- Adjacent subdivisions and property in which the applicant has an interest

- Proposed use, dimensions and layout of proposed lots and existing uses of adjoining lands

- Natural and artificial features (e.g. buildings) within or adjacent to the proposed subdivison

- Soil conditions and existing contours/elevations

- Existing or planned municipal services

- Nature and extent of restrictions affecting the land, such as from the Conservation Authority

 

Term: What are the requirements to sending a Commercial Email Message (CEM)? -

 

Definition: - Obtain consent from the recipient

- Identify yourself (full contact details including address)

- Provide a means for the recipient to withdraw consent

 

Term: What are the retrofit requirements for a single-family home equipped with fuel burning appliances such as oil, gas and propane? -

 

Definition: - Smoke Alarms: Must be placed outside bedroom areas and on every level of the dwelling including the basement

- Carbon Monoxide Alarms: Must be adjacent to each sleeping area of each floor

- Containment: Having adequate separation between residential units to protect occupants living in a unit from a fire occurring in the other unit

- Means of Egress: Having at least 2 exits from the unit, such as a door to the staircase and a window that is easily accessible and large enough for the occupants to climb out

- Electrical Safety: Having a satisfactory inspection of the electrical wiring by an Electrical Safety Authority inspector before obtaining retrofit status for an accessory apartment. Once any deficiencies are correct, the Electrical Safety Authority inspector will re-inspect the unit and issue a certificate

 

Term: What are the rights of the non-titled spouse in a matrimonial home? -

 

Definition: - If a property is designated as a matrimonial home, both spouses have an equal right to its possession.

- To be notified of any proceedings by a third-party that could affect that possessory right.

- The ability to bring a court application to determine ownership rights and to restrain the other spouse from disposing of the property without consent.

 

Term: What are the steps for a minor variance? -

 

Definition: - Pre-application consultation between the applicant and the municipal planners

- Preliminary project review to identify the zoning bylaw requirements and prepare a list of the variances required by the proposal

{WITHIN 30 DAYS vvv}

- Submit a completed application & fee

- Scheduling of hearing and posting of a public notice sign

- Notice of public hearing and application details circulated to area property owners

- Committee of Adjustment hearing and decision

{^^^ WITHIN 30 DAYS}

***Opportunity for a Third-Party appeal to the Local Planning Appeal Tribunal***

- Committee of Adjustment decision final and binding

- Satisfying conditions of approval (if required)

 

Term: What are the steps for land severance? -

 

Definition: - Consult & determine authority

- Complete application

- Application review

- Decision issued

- Appeal process (if applicable)

- Issuing of certificate

 

Term: What are the steps for obtaining an electrical permit? -

 

Definition: - Hire a licensed electrical contractor

- Apply for a permit (no later than 48 hours before the start of the electrical work and must be obtained by the party doing the electrical work. Note: A homeowner should NOT take out a permit on behalf of a contractor, however the homeowner must ensure any work is done according to the Ontario Electrical Safety Code)

- Submit a request for inspection (as with a permit, only the party doing the electrical work can apply for an inspection)

- Obtain a Certificate of Inspection (issued to the permit holder once the electrical work has passed inspection)

 

Term: What are the steps for Rezoning? -

 

Definition: - Pre-application consultation between applicant and municipal planners

- Submit complete application including relevant documents and the appropriate fee

- Application circulation

- Preliminary Report to Community Council (if applicable)

- Response to applicant

- Application revision and resubmission

- Recirculation, consultation, further revisions, finalization and staff report (if required)

- Public meeting at Community Council (if applicable)

- Council decision

- Opportunity for third-party appeal to Local Planning Approval Tribunal

*See module lesson for more detail

 

Term: What are the steps of E-Registration? -

 

Definition: - Draft document (i.e. Transfer/Deed of Land)

- Document forwarded to receiving lawyer who updates/amends if necessary

- Solicitors confirm document is acceptable electronically (i.e. electronic signature)

- Both solicitors electronically release the document for registration

 

Term: What are the things a buyer should ensure before buying a houseboat? -

 

Definition: - Right of dockage

- Access to utility hook ups

- Access rights to the marina or docking facility

 

Term: What are the titles used when a married couple signs a legal document for a house that is only in one of their names? -

 

Definition: The party who owns the property will sign the documents as a seller and the non-owner will provide spousal consent.

 

Term: What are the two major types of houseboats? -

 

Definition: Residential and Recreational

 

Term: What are the two systems that operate within the overall Land Titles System? -

 

Definition: - Land Titles Absolute (LTA)

- Land Titles Conversion Qualified (LTCQ)

 

Term: What are the types of commission sharing methods? -

 

Definition: - Yearly plan with increasing percentage share to the salesperson as higher levels of production are achieved

- Annual percentage based on a higher share being paid to the salesperson, but the brokerage will require a larger contribution towards specified expenses

- Annual percentage based on a higher share being paid to the salesperson, but the brokerage will require a monthly desk fee (paid whether or not there is commission each month)

 

Term: What are the types of Misrepresentation? -

 

Definition: - Innocent misrepresentation

- Fraudulent misrepresentation

- Negligent misrepresentation

 

Term: What are the types of mistakes when considering law? -

 

Definition: - Common mistake

- Mutual mistake

- Unilateral mistake

 

Term: What are the types of properties that are excluded under the Ontario New Home Warranties Plan Act? -

 

Definition: - Temporary or seasonal homes (i.e. cottages not built on permanent foundations and not insulated sufficiently to enable year-round living)

- Homes build on existing footings/foundations

- Homes that have been lived in or rented out by the builder or vendor before the sale to the first owner

- Existing rental residential buildings converted to and registered as residential condos

- Residential properties held for investment purposes by limited partnerships in which investors purchase interests or units (the purchase of a partnership interest doesn't fall under the definition of a home)

- Homes in which the contractor only erects the shell and the owner completes/finishes the interior work

- An owner owning a vacant lot and contracting the building of a home through subcontractors because the owner is not deemed to be a builder

 

Term: What are the ways an easement can be created? -

 

Definition: - Express grant

- Prescription

- Implication

- Statute

 

Term: What can the Appeals Committe do when making judgements on appeals? -

 

Definition: Overturn, affirm or modify the order of the Discipline Committee

 

Term: What categories do timeshares generally fall under? -

 

Definition: - Fee Ownership Interest

- Right to Use Interest

 

Term: What committee is appointed by the municipality in a lower-tier municipality to handle things like granting minor variances / consents? -

 

Definition: The Committee of Adjustment

 

Term: What committee is appointed by the municipality in an upper-tier municipality to handle things like granting minor variances / consents? -

 

Definition: The Land Division Committee

 

Term: What conditions must be met to send a CEM to a referral? -

 

Definition: - referral must have been made by an individual who has an existing business relationship, non-business relationship, family relationship or personal relationship w/both the sender and recipient

Must include: - full name of person making referral -statement that the CEM is being sent as a result of the referral

- sender's identification information - unsubscribe mechanism

- You may only send 1 CEM. Any further CEMs will require consent from the recipient.

 

Term: What details must be included in an official environmental clean-up final report? -

 

Definition: - Follow-up monitoring requirements for residual contaminants, if necessary

- Confirms contaminant removal, treatment and current status of the site

- If remediation of the site is not feasible, it may include a site-specific risk assessment (SSRA) that defines the level of contamination and recognizes if there may be a level of developable use with certain restrictions

 

Term: What did The Registry System use to keep track of land records? -

 

Definition: Abstract Books

 

Term: What distinguishes a ranch style bungalow from a regular bungalow? -

 

Definition: More living space and an attached garage.

 

Term: What do the regulatory controls under the Technical Standards and Safety Act, 2001 apply to? -

 

Definition: Installation, testing, maintenance, repair, removal, replacement, inspection and use of appliances, equipment, components and accessories where fuel oil is to be used as fuel.

 

Term: What document is normally registered along with the Transfer/Deed of Land? -

 

Definition: The Land Transfer Tax Affidavit

 

Term: What documents must be registered in-person on paper in the traditional way? -

 

Definition: - Crown grants

- Declaration and description for the registration of a condominium

- Documents that are too large for the e-registration system

 

Term: What does 'Land Titles Absolute Plus' mean? -

 

Definition: The property is free of any encumbrances and the title cannot be disputer by anyone.

 

Term: What does "Signing under seal" mean? -

 

Definition: You cannot change your mind.

 

Term: What does CREA stand for? -

 

Definition: Canadian Real Estate Association

 

Term: What does it mean if an appliance has an EnerGuide label attached? -

 

Definition: That the appliance has undergone federal standards testing and the label will show the estimated energy use for a particular appliance in relation to other appliances of similar size and type. It does NOT mean the appliance is necessarily energy-efficient.

 

Term: What does it mean to designate a residence as a 'Matrimonial Home'? -

 

Definition: The property is deemed to be the only family residence at the time of designation.