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Course 1 Chapter One
Question | Answer |
---|---|
A registrant must complete RECO's continuing education program requirements within his or her first two-year registration period. | False - Registrants are exempted from continuing education during the initial two-year registration cycle |
Needs and wants, from a marketing perspective, are essentially the same. | False - A need is something required; a want is something desired. |
A deposit received from a buyer is typically deposited in the listing brokerages's trust account. | True - MOST transactions are handled in this manner. |
Inflation can be impacted to some degree through government manipulation of interest rates. | True - The Bank of Canada can affect inflation through interest rate manipulation, while acknowledging that many other economic factors and forces also come into play. |
The law focuses on the right to do something, while ethics focuses on the right thing to do. | True - Ethics extends beyond legal rights into fundamental principles underlying right and wrong. |
The useable area is larger than the rentable area, according to BOMA measurement guidelines. | False - The useable area is smaller. |
The four P's of marketing apply to real estate brokerages. | True - The four P's are adaptable to many different business situations, including selling and leasing of real estate. (price, product, promotion, & place) |
A 150-unit condominium building could be a target market. | True - A condominium building is a geographically-based target market. |
When fire insurance is adjusted, the buyer is responsible for the completion day. | False - No adjustment is made for fire insurance. The buyer must secure his or her own coverage. |
TDS ratios typically range between 28% and 32% | False - TDS ratios typically rage between 37% and 40% |
OREA is RECO's designate for the delivery of pre-registration course | True - OREA is also the designate for a segments. |
A claim of $110,000 under the commission protection coverage of the RECO Insurance Program would exceed the policy's per claim limit. | True - The claim would exceed the current $100,000 limit. |
Unregistered assistants can be involved in the trading of real estate. | False - Unregistered assistants cannot in any way be involved with trading (as defined in REBBA 2002). |
Lack of financial responsibility can be a valid reason to refuse an application for registration. | True - The determination regarding financial responsibility is made by the Registrar. |
RECO oversees a national code of ethics. | False - RECO oversees a provincial code of ethics set out in REBBA 2002. Reminder: The widely-recognized national code is the REALTOR Code of Ethics, which only applies to members of organized real estate. |
Rentable area is generally described as the interior office area of a particular rental unit. | False - Rentable area is the interior office area, plus an additional allocation for common areas. |
Under the RCI process, breaches of the Code of Ethics are referred to the ethics committee. | False - Ethics breaches are referred to the discipline committee. |
Standing committees at RECO report to the Registrar. | False - Standing committees report to the RECO Board of Directors. |
Brokerages sell only tangible products. | False - Brokerages sell both tangible products (e.g., houses) and intangible services (e.g., marketing services to sell houses). |
All mortgage interest must be calculated either semi-annually or annually. | False - the Interest Act only requires that blended mortgages (not all mortgages) be calculated in this manner. |
Most, but all registrants, are members of organized real estate. | True - Approximately 85% of Ontario registrants are members of local real estate boards. The percentage can vary from year to year. |
Standing committees at RECO report to the Registrar | False - Standing committees report to the RECO Board of Directors |
Marketing opt out provisions are normally associated with direct print mailings. | False - Opt out provisions are normally associated with internet and email marketing |
A 2,600 Square Foot house has approximately 242 Square Meters. (1sf = .093m2) | True - The square meters is 241.8 2600 x .093 |