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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Regarding the RECO Insurance Program, which statement is correct?

Requires that broker and salesperson registrants renew coverage every two years.
Provides broker or salesperson registrants with the option of selecting one or more coverages.
Is mandatory for all registrants.
Consists of four coverages.
Offers optional liability insurance for registrants.
Is strictly for broker registrants.

The correct answer is: Provides broker or salesperson registrants with the option of selecting one or more coverages.

Option B is correct because the RECO Insurance Program provides broker or salesperson registrants with the option of selecting one or more coverages based on their individual needs. The program allows flexibility for registrants to tailor their insurance coverage to suit their specific requirements. Option A is incorrect because the insurance coverage renewal frequency is annually, not every two years. Option C is incorrect as the RECO Insurance Program is not mandatory for all registrants. Option D is incorrect because the program actually consists of five coverages, not four. Option E is incorrect as liability insurance is mandatory, not optional, for registrants. Option F is also incorrect as the insurance program is available for both brokers and salespersons, not just brokers.