Humber/Ontario Real Estate Course 1 Exam Practice

What is one of the roles of the Canadian Real Estate Association (CREA)?

1. Establish minimum education requirements for real estate professionals in Ontario

2. Adopt and enforce the REBBA Code of Ethics at a national level

3. Oversee the use of the terms REALTOR® and MLS®

4. Serve as the regulatory body for all provincial associations

5. Monitor real estate transactions nationwide

6. Handle disputes between real estate agents

The correct answer is: Oversee the use of the terms REALTOR® and MLS®

The role of the Canadian Real Estate Association (CREA) in overseeing the use of the terms REALTOR® and MLS® is significant because these designations are protected and serve to uphold standards within the real estate profession. CREA establishes rules and regulations around the usage of these terms to ensure that only qualified individuals or organizations can use them, which helps to maintain a level of professionalism and trust within the industry. This oversight is crucial as it helps consumers identify bona fide real estate professionals and ensures consistency across the industry. By controlling the terms, CREA promotes ethical practices and provides a clear distinction for consumers when engaging with real estate services. Other options mentioned pertain to specific responsibilities that typically fall under provincial jurisdictions or relate to other organizations rather than CREA directly managing them. For instance, minimum education requirements and regulatory roles are often governed by provincial real estate councils, while handling disputes between agents is usually resolved through designated organizations or committees outside of CREA.