Humber/Ontario Real Estate Course 1 Exam Practice

What term describes a collection of rules and procedures enforced by the Real Estate Council of Ontario providing minimum standards for registrants?

1. Standards of Business Practice

2. Code of Ethics

3. REALTOR® Code of Ethics

4. Government and Consumer Services Act

5. Professional Conduct Manual

6. Real Estate Compliance Act

The correct answer is: Code of Ethics

The correct answer is B. Code of Ethics. The Code of Ethics is a set of rules and procedures established by the Real Estate Council of Ontario that sets the minimum standards for registrants in the real estate industry to follow in their practice. It outlines the ethical obligations and standards of behavior that all real estate professionals must adhere to when dealing with clients, customers, and other industry participants. Options A, C, and E are incorrect because they do not specifically pertain to the collection of rules and procedures enforced by the Real Estate Council of Ontario. Option D, the Government and Consumer Services Act, is incorrect as it is not a document specifically created by the Real Estate Council of Ontario. Option F, the Real Estate Compliance Act, is also incorrect as it is not the term used to describe the rules and procedures enforced by the Real Estate Council of Ontario.