Humber/Ontario Real Estate Course 3 Exam Practice

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Prepare for the Humber/Ontario Real Estate Course 3 Exam with our practice quizzes. Study using multiple-choice questions complete with hints and explanations. Ace your exam with confidence!

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What is the primary purpose of the REBBA Code of Ethics?

Protect the commission interests of agents
Ensure transparency and fairness in real estate transactions
Coordinate marketing strategies among agencies
Standardize closing dates and processes
Streamline communication between buyer and seller
Regulate fees charged by salespersons

The correct answer is: Ensure transparency and fairness in real estate transactions

The primary purpose of the REBBA Code of Ethics is to ensure transparency and fairness in real estate transactions. This code sets out the ethical standards and conduct that real estate professionals must follow, aimed at protecting the interests of consumers and fostering trust in the real estate industry. By promoting ethical behavior, it helps to ensure that all parties involved in a transaction are treated fairly and honestly, which is essential for maintaining the integrity of the market. Transparency is crucial in real estate transactions as it encourages confidence among buyers and sellers, knowing that they can rely on the information provided by agents. Fairness is equally significant, ensuring that no party is misled or taken advantage of during the process. Overall, the REBBA Code of Ethics serves as a guiding framework that upholds professionalism and accountability within the real estate profession, which supports a healthy market environment.