Humber/Ontario Real Estate Course 1 Exam Practice

Which of the following represents a primary role of Ontario's Real Estate Council (RECO)?

1. To represent the interests of real estate agents.

2. To regulate trading in real estate.

3. To set property tax rates.

4. To manage real estate listings.

5. To provide loans to first-time buyers.

6. To establish property appraisal standards.

The correct answer is: To regulate trading in real estate.

The primary role of Ontario's Real Estate Council (RECO) is indeed to regulate trading in real estate. This involves overseeing the activities of real estate professionals to ensure that they comply with the applicable laws and regulations, promoting fairness and transparency in real estate transactions. RECO is responsible for licensing real estate professionals, enforcing the Real Estate and Business Brokers Act, and handling complaints and discipline against real estate practitioners. In contrast, while representing the interests of real estate agents and managing real estate listings are aspects of the broader real estate sector, they do not capture the regulatory function that RECO serves. Setting property tax rates is a government function, typically handled at the municipal level, separate from RECO's responsibilities. Providing loans to first-time buyers is a financial service typically offered by banks and other lending institutions, which is outside RECO's mandate. Lastly, establishing property appraisal standards falls under the purview of various professional appraisal organizations and not directly under RECO's regulatory framework.