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 statements is NOT correct regarding the broker of record?

The broker of record can’t own a sole proprietorship brokerage
Any employed broker in a brokerage corporation can be the broker of record
The broker of record can delegate management responsibilities within a brokerage
REBBA mandates a broker of record for partnership brokerages

The correct answer is: The broker of record can’t own a sole proprietorship brokerage

The correct answer is that the statement regarding the broker of record owning a sole proprietorship brokerage is not correct. In Ontario, under the Real Estate and Business Brokers Act (REBBA), a broker of record can indeed own a sole proprietorship brokerage. This means the broker of record can operate independently without needing to form a partnership or corporation, making this statement inaccurate. The other options provided have valid implications. Any employed broker in a brokerage corporation can indeed be designated as the broker of record, as long as they meet the necessary qualifications set by REBBA. Furthermore, a broker of record has the authority to delegate management responsibilities to other licensed individuals within the brokerage, allowing for more efficient operations. Finally, REBBA does mandate that partnership brokerages must have a designated broker of record to oversee operations, ensuring compliance with regulatory standards and safeguarding client interests.