Make sure you know what differentiates RECO from organized real estate. Often, one or more exam questions for Humber College Course 1: Real Estate Essentials focus on it. Don’t get confused and lose valuable marks! RECO RECO (the Real Estate Council of Ontario) is the regulatory body that oversees all real estate registrants (salespersons, brokers […]
Having problems understanding different types of value? Here’s some examples that may help. Subjective Value: Subjective values are influenced by personal opinion; e.g., what a person is willing to pay another for a house based on his or her own feelings, tastes and opinions. Beauty (and value) are in the eyes of the beholder. A buyer may […]
The typical Humber Course 2 and Course 3 exams includes at least one question on either closing adjustments or pro-rated rent. The number of days in a month may be needed to calculate the correct answer. Here’s a well-known rhyme to help remember the days in each month (not provided in the Humber exam): Thirty days […]
Don’t get tripped up on debt service ratio calculations: Watch for different payments. One multiple choice question may focus on principal and interest (PI), while another asks about principal, interest and taxes (PIT). In yet another, it may be a condominium with a portion of heating costs included (PITH). Be careful with time periods. MCQs can contain […]
Students in Humber Course 1 face a long, somewhat complex lesson on contract law. A problem area for some involves mistakes vs. misrepresentations. A mistake (three types) is really just an accidental error: There are three types of misrepresentation of which fraudulent or negligent misrepresentations have serious legal consequences: It’s evident that the lines between mistakes […]
Like it or not, metes and bounds descriptions lie at the heart of Ontario legal descriptions. As a British colony, we inherited a bunch of weird terms from Jolly Olde England; e.g., fee simple, fee tail, freehold, and metes and bounds. (Fortunately, it didn’t extend to driving on the left side of the road). Technically, […]
Passit Online Study Guides are now available for these Humber courses: Course 1: Real Estate Essentials,Course 2: Residential Real Estate Transactions,Course 3: Additional Residential Real Estate Transactions, andCourse 4: Commercial Real Estate Transactions. If you’re prepping for the Course 4 exam, you’re already knee-deep in topics like brownfields, environmental site assessments and due diligence. As […]
Land ownership can be a challenge for students enrolled in Humber Course 1. It’s a substantial course and acronyms can help when getting ready for the exam. They are easy to remember and can help sharpen your recall abilities on that important day. Here’s an example. Joint tenancy is one of two forms of concurrent ownership […]
Passit Online Study Guides are now available for these Humber courses:Course 1: Real Estate Essentials,Course 2: Residential Real Estate Transactions,Course 3: Additional Residential Real Estate Transactions, and Course 4: Commercial Real Estate Transactions. If you’re prepping for the Course 3 exam, you’ve likely heard rumours that this exam is a tough one! As a free […]
Passit is now available for these Humber courses: Course 1: Real Estate Essentials, Course 2: Residential Real Estate Transactions, Course 3: Additional Residential Real Estate Transactions, and Course 4: Commercial Real Estate Transactions. If you’re prepping for the Humber Course 2 exam you are likely feeling overwhelmed with content! As a free warm-up for the […]
