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Module 2

(1) This document introduces real estate fundamentals including terminology, structures, transactions, and governance. (2) It describes key parties in transactions such as listing brokerages, cooperating brokerages, and their roles. Buyers and sellers can be clients with fiduciary duties or customers without. (3) Real estate is governed provincially by the Ministry of Government and Consumer Services and RECO which administers the Real Estate and Business Brokers Act (REBBA) code of ethics. CREA, OREA and local boards also play roles.

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214 views3 pages

Module 2

(1) This document introduces real estate fundamentals including terminology, structures, transactions, and governance. (2) It describes key parties in transactions such as listing brokerages, cooperating brokerages, and their roles. Buyers and sellers can be clients with fiduciary duties or customers without. (3) Real estate is governed provincially by the Ministry of Government and Consumer Services and RECO which administers the Real Estate and Business Brokers Act (REBBA) code of ethics. CREA, OREA and local boards also play roles.

Uploaded by

Sylvia
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Module 2 introducing the fundamentals of Real Estate

Lesson 1: Introduction to Real Estate Terminology, and Types of Residential and Commercial
Structures
Trade A trade is relating to any actions or words
relating to :
1. Disposing or acquiring of an interest in
real estate
2. Seeking to dispose or acquire an interest
in real estate
3. Advertising of any real estate
4. Negotiating of any real estate

Parties and activities in 卖 方 ： Listing Brokerage listing REBBA use


a real estate salesperson “seller”
transaction other use
买方：co-operating brokerage （卖方有 “vendor”
中介）/Buyer’s brokerage (卖方无中介)
“diverstiture
Selling salesperson “ refers to
sell in a real
estate
transaction
in REBBA.
Type of relationship Representation-for client
between a brokerage Providing services- for customer. For customers,
and a seller or buyer no fiduciary duty and best interest, not an agent
relationship;
One brokerage’s client can be another brokerage’s
customers, vice versa.
Terms relating to Agreements shall be delivered to parties
agreement immediately.
Transfer of title and Chattel: not transferred
scope of ownership Fixture :transferred with real property
Mortgage term Mortgage under Registry Act;
Charge under Land Titles Act
Residential Structure
Commercial structure Commercial Structure are often defined by
their intended use.
6 common categories: office, retail, mixed—
use, multi-unit residential, industrial,
agriculture
Industrial structure Can be divided into 3
groups (General purpose, special purpose,
single purpose)
General purpose building appeals more
potential buyers.

Commercial building can be mixed-use


Real property /Real Real Property has both tangible and intangible
estate attributes, while real estate only refers to
tangible ones.

Lesson 2: Real Estate Governance and Industry Associations


Role of provincial Ministry of Government and Consumer Services
government in real
estate
RECO’s role Administerand Enforce REBBA
RECO’s Mandate and Code of Ethics also referred to as the REBBA code
Mission of Ethics dealing with minimum business
standards for registrants

Realtor Code of Ethics is a separate code


established by CREA for its members.
RECO’s structure Board of Directors: consiste of various person
including someone who reistreered as brokers or
salespersons; comprised of 12 members and 3 of
them are appointed by the Ministry; not involving
in day-to-day management

CEO
Registrar
CREA, OREA and local Three level: CREA, provincial association/local real
real estate boards estate boards (3 way relationship)
CREA: overseeing all Canadian REALTOR, control
realtor.ca website
By joining a real estate board, a salesperson
becomes a member of CREA and OREA.
REIC, CCIM and SIOR Real Estate Institute of Canada （REIC） provided
advanced education and professional
development. Offer several professional specialty
designation, such as FRI, CPM, CLO, ARM

CCIM: certified commercial investment member


SIOR: Industry and office

Lesson 3: Roles Within a Brokerage


Broker of record Each brokerage must designate one broker of
record, who is registred with RECO and act as an
employee of the brokerage.

All trust checks must be signed by Broker of


Record;

Multiple offices One main brokerage office and others are


branches. A branch with two or more registrants
require direct management by a broker or
salesperson who has been registered for at least 2
years.

A branch manager is not required when there is


only one salesperson.

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