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Course 1 Chapter 1


OREA Course 1 Chapter 1

1Real Estate Council of Ontario _____can be registered as a corporation, partnership, or sole proprietorship
2Ontario Real Estate Association _____a business owned by one individual
3Canadian Real Estate Association _____a separate legal entity that is created under law through the registration of "articles of incorporation"
4Local Real Estate Boards _____an individual (or company) who is authorized to represent an individual in contract negotiations with a 3rd party
5Real estate purchases are good for the economy and are said to _____The agent pays fees to the brokerage
6A condominium refers to a _____the commission is shared between the brokerages
7Commercial sales _____a designate of RECO
8Property management _____listing agreement
9Franchise brokerage _____Educates real estate appraisers and grants the professional designation of CRA
10Independant brokerage _____involves determining the buyers' wants and needs, and then showing them potential homes available for sale
11Full service brokerages _____normally well known across the country as they have many offices
12Limited service brokerages _____type of land ownership where each individual owns their own unit and share ownership of "common" elements
13If a brokerage is part of organized real estate,  _____the brokerage pays most of the listing and marketing fees, and receives a large percentage of the commission
14Appraisal Institute of Canada _____conditions
15The term "Agent" refers to: _____offers it's own unique advantages, particularly if they are well-known in your market area
16Brokerage _____provide a narrower scope of services but typically charge a lower commission rate than full service brokerages
17Corporation _____double-ending the deal
18Partnership _____involves searching for qualified buyers for the listed property
19Sole proprietorship _____is responsible for regulating members and enforcing REBBA 2002
20Sometimes, the salesperson both lists the property and finds the purchaser. This is referred to as: _____all of it's brokers and salespersons must also be members
21Prospecting _____lobbyist for the industry
22Qualifying & showing _____provide a wider range of services to their clients, but typically charge a higher commission rate than a limited service brokerage
23Offer Preparation _____Once a potential buyer finds a property he would like to purchase, a written offer is made
24An accepted agreement often has some  _____involves two or more individuals that pool their resources to form a company
25The method of remuneration is stipulated in the  _____traditionally referred to as ICI (Industrial, commercial & investment)
26When two brokerages are involved,  _____create a ripple effect
27Conventional plan _____duties include: keeping the property leased, collecting rent payments, and maintenance
28Desk fee plan _____granted permission to use the trademark "MLS", which is owned by CREA

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