Humber/Ontario Real Estate Course 1 Exam Practice

Who oversees adherence to the collection of rules and procedures known as the Code of Ethics for real estate professionals in Ontario?

1. Real Estate Council of Ontario

2. Ministry of Housing

3. Ontario Real Estate Association

4. Canada Real Estate Association

5. Municipal Planning Department

6. Provincial Housing Commission

The correct answer is: Real Estate Council of Ontario

The Real Estate Council of Ontario (RECO) is responsible for overseeing adherence to the Code of Ethics for real estate professionals in Ontario. This organization is established under the Real Estate and Business Brokers Act, which mandates its role in regulating real estate professionals and ensuring they comply with industry standards and ethical practices. RECO's oversight includes enforcing the Code of Ethics that governs the conduct of registered real estate agents and brokers, thus protecting consumer interests and ensuring professionalism within the industry. This is integral to maintaining the integrity and credibility of the real estate profession in Ontario. In contrast, while the Ministry of Housing may influence housing policy and oversee broader housing strategies, it does not specifically enforce ethical standards for real estate professionals. The Ontario Real Estate Association and the Canada Real Estate Association are representative bodies for real estate professionals that provide resources, advocacy, and support but do not directly oversee adherence to the Code of Ethics. The Municipal Planning Department typically focuses on zoning and land use planning, and the Provincial Housing Commission, which may vary by jurisdiction, does not play a direct role in regulating real estate practice in Ontario.