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 stipulation exists for real estate brokerages opening new branch offices under REBBA?

Only brokers can open new branches
No reporting to RECO is necessary
Branches can be temporarily opened without RECO approval
Branch operations must comply with REBBA
No special requirement if under the same firm
Only lawyers can supervise branches

The correct answer is: Branch operations must comply with REBBA

The correct answer is that branch operations must comply with REBBA. This is because under the Real Estate and Business Brokers Act (REBBA), branch offices must adhere to the regulations and standards set out in the legislation. It is essential for branch operations to comply with REBBA to ensure that they are conducting real estate business legally and ethically. Option A is incorrect because not only brokers can open new branch offices; this can also be done by salespersons under a brokerage. Option B is incorrect because reporting to the Real Estate Council of Ontario (RECO) is necessary when opening new branch offices. Option C is incorrect because RECO approval is required for opening new branch offices, and they cannot be opened temporarily without approval. Option E is incorrect as there are specific requirements and regulations that need to be followed even if the branch is under the same firm. Option F is incorrect as supervision of branch offices can be done by brokers or managers, not specifically by lawyers.