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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Which entity must a brokerage designate to ensure compliance with regulations?

A broker of record, who is responsible to ensure brokerage compliance with REBBA.
A broker of record for each branch office to ensure branch compliance with REBBA.
A branch manager to be the broker of record, who in turn is responsible to ensure brokerage compliance with REBBA.
A broker of record who can be either a salesperson or broker employed by the brokerage.

The correct answer is: A broker of record, who is responsible to ensure brokerage compliance with REBBA.

In order to ensure compliance with regulations, a brokerage must designate a broker of record who is responsible for ensuring brokerage compliance with REBBA (Real Estate and Business Brokers Act). The broker of record acts as the regulatory authority within the brokerage, overseeing and ensuring that all activities are carried out in accordance with the legislation. This individual holds a position of significant responsibility in ensuring adherence to legal requirements and professional standards within the brokerage. The other options are incorrect because: - Option B states that a broker of record needs to be designated for each branch office, which is not a requirement under REBBA. - Option C suggests that a branch manager can be designated as the broker of record, which is incorrect as the broker of record must hold the specific title and meet the qualifications set by REBBA. - Option D is incorrect because the broker of record must hold a broker's license, as opposed to being a salesperson.