CAR Form BRBC Quiz

What is the primary purpose of the CAR Form BRBC?

• To list property details

• To establish a broker-buyer relationship

• To outline mortgage options

• To provide inspection guidelines

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DOK Level 2: Skill/Concept

Which date is significant for the new rules surrounding the conversion for realtors?

• July 17

• August 17

• September 17

• October 17

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DOK Level 2: Skill/Concept

What does the acronym BRBC stand for in CAR forms?

• Buyer Representation and Broker Commitment

• Buyer Representation and Brokerage Contract

• Buyer Representation and Brokerage Compensation

• Buyer Representation and Business Contract

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DOK Level 2: Skill/Concept

What is a key change happening on August 17, 2024, regarding the BRBC form?

• It becomes mandatory for all property transactions

• It can no longer be used in commercial transactions

• It must be in place before showing any property

• It is being replaced by a new form

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DOK Level 2: Skill/Concept

What is one of the key changes introduced in the new rules effective from August 17 for realtors?

• Increased commission rates

• Mandatory use of electronic signatures

• Enhanced compensation disclosure requirements

• New property listing formats

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DOK Level 2: Skill/Concept

How does the CAR Form BRBC benefit buyers in a real estate transaction?

• It provides a list of available properties

• It ensures a formal agreement with a broker

• It guarantees the lowest price

• It offers legal advice

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DOK Level 2: Skill/Concept

What must a realtor do to comply with the new rules effective from August 17?

• Complete additional training

• Update their marketing materials

• Use the updated CAR Form BRBC

• Increase their service fees

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DOK Level 2: Skill/Concept

Which of the following is NOT a feature of the CAR Form BRBC?

• Broker's commission details

• Buyer's financial information

• Property inspection schedule

• Termination clause

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DOK Level 2: Skill/Concept

What does the BRBC form specify about dual agency?

• It prohibits dual agency

• It allows dual agency if disclosed

• It makes dual agency mandatory

• It requires separate forms for dual agency

How long is the BRBC form typically valid?

• 30 days

• 90 days

• 6 months

• 1 week