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!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

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How does RECO protect consumers in real estate transactions?

By providing direct legal representation to buyers and sellers.
By setting minimum commission rates.
By publishing consumer guides and resources.
By ensuring all real estate advertisements are accurate.

The correct answer is: By publishing consumer guides and resources.

RECO (Real Estate Council of Ontario) protects consumers in real estate transactions by publishing consumer guides and resources. This helps educate buyers and sellers about their rights and responsibilities, as well as provide guidance on how to navigate the real estate process. By equipping consumers with information, RECO empowers them to make informed decisions and reduce the risk of exploitation or misinformation in real estate transactions. Option A is incorrect because RECO does not provide direct legal representation to buyers and sellers. Real estate transactions often involve parties seeking independent legal advice if they require legal representation. Option B is incorrect because RECO does not set minimum commission rates. Commission rates are typically negotiable between the real estate agent and their client. Option D is incorrect because while RECO regulates advertising standards, it cannot ensure that all real estate advertisements are accurate. It is the responsibility of individual real estate professionals to ensure that their marketing materials are truthful and comply with RECO regulations.