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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Identify which of the following requirements does NOT apply to the broker of record?

The broker of record must be the owner of the brokerage.
The broker of record must actively participate in brokerage administration.
The broker of record must be knowledgeable and keep up-to-date regarding REBBA requirements.
The broker of record must be proactive in correcting non-compliant activities of salespersons and brokers within the brokerage.
The broker of record must ensure all legal documents are properly filed.
The broker of record is required to undergo regular professional development training.

The correct answer is: The broker of record must be the owner of the brokerage.

The correct choice highlights that the broker of record is not required to be the owner of the brokerage. This is an important distinction in real estate practices. The role of the broker of record entails specific responsibilities such as ensuring compliance with regulations, overseeing the activities of agents, and ensuring proper administration of the brokerage. Ownership is not a prerequisite for fulfilling these responsibilities; an individual can serve as a broker of record without owning the brokerage. Other roles such as active participation in administration, keeping up-to-date with REBBA requirements, addressing compliance issues among agents, ensuring legal documentation is filed correctly, and undergoing professional development are explicit duties tied to the broker of record position. These responsibilities highlight the importance of their role in maintaining the standards and ethical practices within the brokerage, regardless of ownership status.