Humber/Ontario Real Estate Course 4 Exam Practice

REBBA requirements have expanded which aspect for customers?

1. Legal precedents

2. Property rights

3. Duties owed

4. Inspection fees

5. Warranty terms

6. Tax obligations

The correct answer is: Duties owed

REBBA stands for Real Estate and Business Brokers Act, which governs real estate transactions in Ontario. One of the significant expansions in REBBA requirements for customers is the duties owed. This includes a real estate professional's fiduciary duty to act in the best interest of their clients, disclose all material facts, maintain confidentiality, and avoid any conflicts of interest. By placing a strong emphasis on the duties owed by real estate professionals to their clients, REBBA aims to protect consumers and ensure ethical and fair real estate transactions. Option A, Legal precedents, may be important in legal proceedings but is not directly related to REBBA requirements for customers. Option B, Property rights, are significant in real estate transactions, but the expansion in REBBA requirements does not specifically pertain to property rights for customers. Option D, Inspection fees, are not a primary focus of REBBA requirements but may be part of the negotiation process in a real estate transaction. Option E, Warranty terms, are typically outlined in the purchase agreement and do not fall under the expanded REBBA requirements for customers. Option F, Tax obligations, are important considerations in real estate transactions but are not the aspect that has been expanded for customers under REB