Humber/Ontario Real Estate Course 2 Exam Practice

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Prepare for the Ontario Real Estate Exam with our comprehensive Humber Course 2 Exam Practice quiz. Engage with multiple choice questions and detailed explanations, designed to help you excel.

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What does REBBA define regarding remuneration?

Remuneration can only be a flat fee.
Remuneration can be a flat fee and/or a percentage of the sale/rental price.
Remuneration must be in the form of a decreasing percentage with higher prices.
Remuneration cannot be set by the government.
Remuneration must always be a fixed flat fee.
Remuneration has a legally fixed rate unless specified otherwise.

The correct answer is: Remuneration can be a flat fee and/or a percentage of the sale/rental price.

REBBA, which stands for Real Estate and Business Brokers Act, defines the guidelines regarding remuneration in real estate transactions. Option B, "Remuneration can be a flat fee and/or a percentage of the sale/rental price," is the correct answer because REBBA allows real estate professionals to earn remuneration in the form of either a flat fee or a percentage of the sale or rental price. This flexibility in remuneration allows for different compensation structures that meet the needs of both real estate professionals and their clients.