Humber/Ontario Real Estate Course 1 Exam Practice

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Prepare for the Humber/Ontario Real Estate Course 1 Exam with our comprehensive quiz. Test your understanding with multiple choice questions and detailed explanations. Build confidence and knowledge for a successful exam experience!

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A developer constructing new homes and selling them to potential buyers must be:

Registered under REBBA
A licensed auctioneer
An employee of a financial institution
Exempt from zoning regulations
A licensed home inspector
Represented by an real estate lawyer

The correct answer is: Registered under REBBA

A developer constructing new homes and selling them to potential buyers must be registered under REBBA (Real Estate and Business Brokers Act). This is because developers who sell new homes are considered to be engaging in trading in real estate, which falls under the regulations of REBBA in Ontario. Being registered under REBBA ensures that the developer complies with the necessary laws and regulations governing real estate transactions, protecting the interests of buyers and promoting professionalism in the real estate industry. Options B, C, D, E, and F are incorrect because they are not requirements for developers selling new homes. Option B refers to a licensed auctioneer, which is not directly related to selling new homes. Option C refers to an employee of a financial institution, which is also not directly related to real estate development and sales. Option D mentions being exempt from zoning regulations, which is not true as developers must comply with zoning regulations in their projects. Option E mentions being a licensed home inspector, which is a separate profession from real estate development. Option F mentions being represented by a real estate lawyer, which although can be beneficial, it is not a mandatory requirement for developers selling new homes.