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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What does a broker of record ensure within a brokerage?

All sales targets are met
The training of all staff
Compliance with regulatory standards
Maximum profit margins
Conflict resolution procedures
Client satisfaction surveys

The correct answer is: Compliance with regulatory standards

The correct answer is C. Compliance with regulatory standards. A broker of record plays a crucial role in ensuring that the brokerage operates in accordance with all the legal and regulatory standards set forth by the Real Estate Council of Ontario (RECO). This includes overseeing activities such as handling trust funds appropriately, ensuring all necessary paperwork is completed accurately, and making sure all transactions comply with the Real Estate and Business Brokers Act, 2002. By prioritizing compliance with regulatory standards, the broker of record helps to protect both clients and the brokerage itself from potential legal issues or penalties.