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14 Cards in this Set
- Front
- Back
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a national organization formed in 1943 representing organized real estate in Canada |
CREA |
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Property manger, residental resale, new homes, condominium, recreational, commercial, appraisal and mortgage financing. |
8 Career path choices |
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Voluntary membership organization consisting of local real estate boards,provincial associations and CREA. based on a three way relationship legal |
Organized Real estate in Ontario |
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a corporation, partnership or sole proprietorship that trades in real estate on behalf of others for compensation or reward or expectation thereof |
Brokerage |
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One who is authorized by a principal to represent the principal in business transaction with a third party. |
Agent/brokerage |
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An individual who has the prescribed qualifications to be registered as a broker under REBBA 2002 and regulations |
Broker |
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An individual meeting prescribed qualifications to be registered as such pursuant to the real estate and brokers act and who is employed by a broker to trade in real estate |
Salesperson |
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Corporation, partnership and sole proprietorship |
Three types of Brokerages |
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A broker designated by a brokerage to ensure brokerage compliance with real estate act and regulations. |
Broker of Record |
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best described under the following headings: listing,prospecting,qualifying and showing, offer preparation, offer presentation and follows |
Listing and selling process |
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The client of a brokerage (the agent under common law), who gives the brokerage the authority to represent him or her. |
Principal |
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Statute governing real estate brokerages, brokers and salespersons in Ontario. |
REBBA 2002 |
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A relationship in which the employer directly controls and supervises the work of the employee and is responsible for the employee’s actions in the performance of such work. Brokers and salespersons are viewed as employees of a real estate brokerage for purposes of REBBA 2002. |
Employee |
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An individual who works according to his/her own methods and judgement. Brokers and salespersons are viewed as employees of a brokerage for purposes of REBBA 2002, but may have independent contractor status for tax-related matters. |
Independent Contractor |
