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Course 1 Chapter One

QuestionAnswer
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