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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All Ontario real estate transactions are primarily supervised by which regulatory body?

Canadian Real Estate Association (CREA)
Financial Services Regulatory Authority (FSRA)
Ontario Real Estate Association (OREA)
Real Estate Council of Ontario (RECO)

The correct answer is: Real Estate Council of Ontario (RECO)

In Ontario, real estate transactions are primarily supervised by the Real Estate Council of Ontario (RECO). RECO is responsible for regulating real estate professionals in the province to ensure consumer protection, uphold ethical standards, and enforce the rules and regulations governing real estate transactions. The Canadian Real Estate Association (CREA) is a national organization representing real estate agents, while the Ontario Real Estate Association (OREA) is a provincial association of real estate agents. The Financial Services Regulatory Authority (FSRA) oversees other financial sectors but not specifically real estate in Ontario.