Humber/Ontario Real Estate Course 1 Exam Practice

A real estate board is:

1. A regulatory organization.

2. Formed for the benefit of its members.

3. Authorized to operate throughout the province.

4. An organization whose members cannot use the term REALTOR®.

5. Required to ensure compliance with REBBA.

6. Primarily involved in real estate education.

The correct answer is: Formed for the benefit of its members.

A real estate board is indeed formed for the benefit of its members. These boards provide a variety of services and support to their members, including access to multiple listing services (MLS), networking opportunities, and professional development resources. The primary focus is to enhance the effectiveness and success of real estate professionals within the board's jurisdiction. While other options may describe certain aspects related to real estate boards, they do not accurately capture the fundamental purpose of these organizations. For instance, a real estate board may not be a regulatory organization itself, as regulation usually falls under government bodies or agencies. Similarly, while some boards may have a provincial presence, they often operate locally or regionally, catering specifically to their members' needs rather than being authorized to operate throughout the entire province. The use of the term REALTOR® is also restricted to members of recognized associations, so it is not true that members of real estate boards cannot use this term. Compliance with REBBA is important, but not all boards are required to ensure this compliance directly. Lastly, while education is a component of what they may provide, it is not the primary role of a real estate board; their main function centers around member services and support.