COURSE 3 GENERAL: THE REAL ESTATE TRANSACTION

© 2009 Real Estate Council of Ontario

All rights reserved. No part of this publication may be reproduced, transmitted or stored in any material form (including photocopying or storing it in any medium by electronic means and whether or not transiently or incidentally to some other use of this publication) without the prior written consent of The Real Estate Council of Ontario (“RECO”) except as permitted by, and in accordance with, the Copyright Act.

Care has been taken to trace and acknowledge ownership of third party copyrighted material contained in this publication. A general copyright acknowledgement is included under Acknowledgements, along with references inserted within appropriate text or placed in illustrations, as applicable. RECO will gladly accept information that will rectify any reference or omission in subsequent editions of this publication. All references to proper names are fictional, and any similarity to actual persons living or deceased is entirely coincidental.

DISCLAIMERS

This publication, including all third party material and all schedules, appendices, pre-printed forms, standard clauses, processes, facts, information and any other material contained therein (the “Publication”), is summary in nature and not intended to replace direct research of original source documents and expert advice. Real estate practitioners and consumers should seek appropriate counsel in matters relating to real estate. At all times, diligence and prudence should be uppermost as all real estate transactions are unique. This Publication is strictly intended for educational purposes only. RECO reserves the right to change or revise this Publication without notice, and will not be liable for any loss or damage incurred by you as a result of such changes or revisions.

RECO, the Ontario Real Estate Association (Designate), service providers and others associated with this Publication and offering of this program (collectively referred to as the “Program Providers”) are not responsible for any deficiencies, defects, errors, omissions, or for the adequacy, sufficiency, completeness, suitability, accuracy, currency or applicability of the contents of this Publication. This disclaimer, and all that follow, applies regardless of whether this Publication is made available to you in paper or electronic form.

In the event that you access this Publication by means of the internet or other electronic transmission, you expressly agree that the Program Providers are not responsible for any damage to hardware or software, loss or corruption of data, or any other loss or damage, that may result from your use of this Publication or from your accessing any web site related to this Publication or utilizing any other means of electronic transmission owned or operated by, or on behalf of, the Program Providers. The Program Providers make no warranty or representation that any such web site, electronic document or electronic transmission will meet your requirements, will be uninterrupted, timely, secure or error-free or that defects, if any, will be corrected.

The Program Providers disclaim all warranties of any kind, whether express or implied, including without limitation any warranties of merchantability or fitness for a particular purpose, related to this Publication. Further, the Program Providers are not liable for loss or damage, whether direct, indirect or consequential, and whether or not it was foreseeable, arising from the utilization of this Publication.

This Course Has Been Approved By The Registrar Under The Real Estate And Business Brokers Act, 2002.

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ROLE OF THE REGISTRAR UNDER REBBA 2002 IN EDUCATION

The Registrar under the Real Estate and Business Brokers Act, 2002 (REBBA 2002) is responsible for setting the educational requirements for individuals who wish to obtain and maintain registration as a real estate salesperson or broker. In order to trade in real estate in Ontario, real estate salespersons, brokers and brokerages must be registered with the Real Estate Council of Ontario (RECO) under REBBA 2002. Before beginning a career as a real estate salesperson, individuals are required to complete the required pre-registration courses.

The Registrar, through an Educational Services Agreement, had designated the Ontario Real Estate Association as the organization authorized to provide the pre-registration, articling and broker educational program. All registration-related courses of study, including associated course content, must be approved by the Registrar prior to being offered to students.

designate

The Ontario Real Estate Association, through its OREA Real Estate College, takes great pleasure in delivering this program on behalf of the Registrar pursuant to an Educational Services Agreement between the Real Estate Council of Ontario and the Ontario Real Estate Association.

The course curriculum supports the Real Estate Council of Ontario’s mandate to protect the public interest through the development of skilled and educated real estate professionals by providing students with timely, comprehensive, accurate and up-to-date education that will allow them to succeed in the real estate marketplace. The OREA Real Estate College fulfills many of its responsibilities to the Registrar, the public of Ontario and the real estate profession by providing learning opportunities so that individuals, either contemplating registration or currently holding registration, can receive appropriate and timely training.

The real estate profession makes a valuable contribution to the economy of Canada and the welfare of its people. Congratulations on taking the first step towards real estate registration in Ontario. The Real Estate Council of Ontario and the Ontario Real Estate Association hope that the successful completion of The Real Estate Transaction course will inspire and motivate you to pursue advanced educational offerings throughout your new career.

ACKNOWLEDGEMENTS

A course of this scope is only possible with the assistance of many dedicated professionals committed to the advancement of real estate skills and knowledge. A special note of thanks is owed to the Ontario Real Estate Association for its ongoing forty-year commitment to excellence in real estate education.

A further debt of gratitude is owed to various government departments and agencies who assisted with information and published materials. Appropriate references are included within text materials.

The terms REALTOR® and MLS® are identified as design marks in this publication. No attempt has been made to designate all words or terms in which proprietary rights might exist. The inclusion, definition, or description of a word or term is provided for general information purposes only and is not intended to affect any legal status associated with the word or term as a trademark, service mark or proprietary item.

All rights reserved, 2009. No part may be reproduced or transmitted without the prior written consent of The Real Estate Council of Ontario.