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 of the following is a correct statement regarding a broker of record?

A broker of record can oversee brokerage activities at a distance when required.
A separate broker of record must be designated for each branch office.
Each branch manager can be designated as a broker of record, if the branch location is 50 km. or more from the main brokerage office.
The maximum number of registrants a broker of record can oversee is 500.
No more than two brokers of record can work at the same time.
Only brokers of record can submit final transactions.

The correct answer is: A separate broker of record must be designated for each branch office.

A broker of record is a designated broker who is responsible for the overall operation and management of a real estate brokerage. In Ontario, it is a requirement for each branch office to have a separate broker of record designated to oversee the activities at that specific location. This is to ensure that there is proper oversight and compliance at each branch office, and that the broker of record can effectively manage the operations and transactions conducted at that particular office. Having a separate broker of record for each branch office helps maintain accountability and regulatory compliance within the real estate brokerage.