Humber/Ontario Real Estate Course 3 Exam Practice

REBBA requirements have effectively:

1. Narrowed the scope of legal obligations owed by brokerages to customers.

2. Made obligations to customers and clients the same.

3. Expanded duties owed to customers.

4. Eliminated the concept of duty of care owed to customers.

5. Increased the flexibility of brokerage agreements.

6. Reduced legal liabilities for brokerages.

The correct answer is: Expanded duties owed to customers.

Choosing the option that states REBBA requirements have expanded duties owed to customers is accurate because REBBA, which stands for the Real Estate and Business Brokers Act, aims to ensure that real estate professionals provide a higher level of service and protection to their clients and customers. The framework established by REBBA requires real estate professionals to act with greater diligence and transparency, fostering trust and accountability in real estate transactions. This involves a shift where the responsibilities to customers have become more pronounced, emphasizing the need for professional conduct and thorough disclosure. As a result, licensees are now compelled to adhere to stricter guidelines that enhance consumer protection. Conversely, it’s important to remember that REBBA does not diminish the responsibilities brokerages have towards their clients and customers; rather, it elevates their responsibilities. Thus, the notion that obligations to customers have been narrowed or equalized does not capture the essence of REBBA's purpose, which is focused on the expansion of duties and the promotion of ethical practices in real estate transactions.