Humber/Ontario Real Estate Course 1 Exam Practice

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Prepare for the Humber Real Estate Course 1 Exam. Access our quiz with multiple choice questions and detailed explanations. Boost your readiness for the exam!

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The three-way relationship in organized real estate involves:

CREA, OREA and the local real estate boards/associations.
The brokerage, broker and salesperson.
OREA, SIOR and AIC.
RECO, OREA, and Humber College.

The correct answer is: CREA, OREA and the local real estate boards/associations.

The correct answer is A. In organized real estate, the three-way relationship involves CREA (Canadian Real Estate Association), OREA (Ontario Real Estate Association), and the local real estate boards/associations. This relationship is fundamental to how real estate is structured and regulated in Ontario. CREA is the national organization representing real estate brokers and agents in Canada, OREA is the provincial counterpart for Ontario, and local real estate boards/associations operate on a more regional level, providing support and resources to real estate professionals within specific areas. This tripartite relationship ensures standards, regulations, and ethical guidelines are maintained throughout the industry. Options B, C, and D are incorrect as they do not accurately represent the three-way relationship in organized real estate in Ontario.