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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.