Humber/Ontario Real Estate Course 1 Exam Practice

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Which of the following is NOT correct regarding the broker of record?

  1. Must be registered as a broker with RECO and be employed as a broker by the respective brokerage.

  2. Ensures that the brokerage maintains standards as set out in REBBA.

  3. Ensures that salespersons and brokers within the brokerage maintain standards as set out in REBBA.

  4. Signs the financial statements that must be provided annually to the Real Estate Council of Ontario.

  5. Is responsible for the day-to-day operations of the brokerage.

  6. Directly participates in all brokerage transactions.

The correct answer is: Signs the financial statements that must be provided annually to the Real Estate Council of Ontario.

The assertion that a broker of record signs the financial statements that must be provided annually to the Real Estate Council of Ontario (RECO) is not accurate. While the broker of record does hold significant responsibilities within the brokerage, their role does not typically include the direct signing of financial statements. That function may fall under the purview of various individuals within the organization, including those focused specifically on financial operations or accounting. The other responsibilities outlined, such as ensuring that both the brokerage and its salespersons adhere to the standards set out in the Real Estate and Business Brokers Act (REBBA), being registered and employed with the brokerage, managing day-to-day operations, and ensuring compliance with regulatory standards, are all accurate descriptors of the role of the broker of record. This demonstrates the crucial function they serve in maintaining professionalism and regulatory adherence in real estate transactions.

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