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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What fees must a real estate registrant pay when joining a local brokerage?

RECO and CREA only.
RECO and the local real estate board.
The local real estate board only.
The local real estate board, CREA, and REIC.

The correct answer is: RECO and the local real estate board.

When a real estate registrant joins a local brokerage, they are typically required to pay fees associated with multiple organizations that provide essential services and support to real estate professionals. One of these is RECO, the Real Estate Council of Ontario, which regulates the real estate profession in Ontario, ensuring that registrants adhere to established standards and practices. Additionally, joining a local real estate board is crucial, as it grants access to valuable resources, market data, and networking opportunities within that specific area. The board often has its own membership fees that registrants must pay. While CREA (Canadian Real Estate Association) is significant as it provides national resources and advocacy, a registrant's obligation to join and pay dues to CREA typically comes after they become part of a local board. Thus, the requirement to pay fees directly to RECO and the local real estate board captures the essential dues required for initial participation in the real estate market. Selecting the correct combination reflects an understanding of the necessary steps involved in joining a local brokerage and the regulatory frameworks influencing real estate practice in Ontario.