The real estate market has a number of unique characteristics.Which of the following is a correct statement with regard to such courses?Ī ) The mandatory articling courses are a requirement for salespeople with independent contractor status, but not for salespeople who are employees.ī ) Successful completion of the articling courses qualifies the registrant as a real estate appraiser.Ĭ ) The mandatory articling program consisting of three courses must be completed within the two-year period in order for a salesperson to qualify for renewal of registration.ĭ ) Completion of the courses in the mandatory articling program qualifies the registrant for broker registration. Registered salespeople are required to successfully complete certain mandatory courses as part of a two-year articling period.Such activities would include:Ī ) providing applicable sanctions against RECO members.Ĭ ) maintaining the MLS® systems in Ontario.ĭ ) regulating the activities of real estate boards. The Real Estate Council of Ontario is a regulatory organization involved in the enforcement of the law related to the real estate brokerage business.
Which of the following is a requirement for a real estate brokerage to be registered in Ontario?Ī ) The brokerage, whether a sole proprietor, partnership or corporation, must have a designated “broker of record”.ī ) All shareholders of a brokerage corporation must be registered brokers.Ĭ ) For a partnership to be registered as a brokerage, the partners must create and register a Ontario corporation.ĭ ) A sole proprietor must disclose all “interested persons” who hold shares in the company.Which of the following statements correctly applies to the duties and responsibilities of a property manager?Ī ) A property manager is a rental agent and building superintendent.ī ) A property manager is responsible for completing a market value appraisal for the property if the owner so requests.Ĭ ) A property manager is responsible for providing information to and negotiating with anyone who is considering buying the property.ĭ ) A property manager is an administrator who assumes the executive functions necessary to meet the objectives of the owner of the property.