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Broker Wrap-up:Orientation

Broker Wrap-UpWelcome to theBroker Wrap-Up:It’s time to take off your salesperson hat and put on your broker of record hat!This orientation guide has been created to provide you with an overview of theBroker Wrap-Up and to answer a few key questions.The Broker Wrap-Up is an innovative component of the new Real Estate BrokerProgram, designed to help you prepare for the Broker Final Exam and for your futurerole as a broker of estatehttps://humber.ca/realestate/

Broker Wrap-UpBroker Wrap-Up Purpose and StructurePURPOSESTRUCTUREThe Broker Wrap-Up provides you with anopportunity to apply the knowledge andskills you have acquired from the eLearningportion of the Real Estate Broker Program.The core activities and tasks, created withinput from experienced brokers of recordand experts in learning development, willhelp you gain confidence and accelerate yourjourney to establishing or assumingresponsibility of a brokerage.The Broker Wrap-Up is a two-day session inwhich you will assume the role of broker ofrecord for ABC Real Estate Inc. You willparticipate in specific activities chosenbecause of their complexity and importance.These activities reflect real-world situationsfor which you, as the broker of record, will beresponsible, such as:During the Broker Wrap-Up, you will:Practiseapplyingacquired knowledgeyournewlyReinforce your understanding of keybroker of record responsibilitiesAsk questions in a non-judgmentalenvironmentDiscuss the activities andexperiences with colleaguesyourReceive guidance and feedback froman experienced broker of record ormanagerBrokerage compliance with the RealEstate and Business Brokers Act(REBBA) and other provincial andfederal legislation that regulates realestateActive participation in themanagement of the brokerageSupervision of brokers, salespersons,and administrative staffTake reasonable steps to deal withany failure to comply with REBBA by abroker, salesperson or other personemployed by the brokerageReview and sign monthly real estatetrust account reconciliation and traderecord sheetsFor additional information about the BrokerWrap-Up attendance policy, please visit theresources section of the program lestatehttps://humber.ca/realestate/

Broker Wrap-UpBroker Wrap-Up ActivitiesDuring the Broker Wrap-Up, you will work with colleagues or individually to practise tasks relatedto broker of record activities. Tasks associated with several activities are often delegated toadministrative staff, but a broker of record must ensure these tasks are performed accurately andcomply with REBBA.Types of activities include:Setting up and maintaining trade-related records after a salesperson hasnegotiated an offer that resulted in an accepted agreement of purchase and saleand submits documents to the brokerageDetermining the action to take when selecting a brokerage managementsoftware system.Identifying what legislation to consider when creating internal brokeragedocuments (e.g., job descriptions, employment agreements, independentcontractor agreements, brokerage policy and procedures manual) and trainingprograms for brokers and salespersons.Determining the action to take when recruiting brokers, salespersons, andadministrative staff (e.g., questions permitted and not permitted under theOntario Human Rights Code, permitted activities for unregistered assistants,payment options for registered and unregistered assistants, RECO registrationprocesses and forms).Reviewing advertising and determining the action to take when advertisementsdo not comply with REBBA requirements.Reviewing and determining appropriate action for trade processing, real estatetrust account reconciliation, and closing out trades.Analyzing a balance sheet and identifying year-to-year differences and thefinancial strengths and weaknesses of a ealestatehttps://humber.ca/realestate/

Broker Wrap-UpBenefits of theBroker Wrap-UpLearning by doing-or active learningis one of the most effective ways todevelop new skills. The Broker Wrap-Upprovides you with the opportunity to applythe knowledge you acquired in thesituations and contexts you will use as abroker of record.You will engage in large-group andsmall-group discussions and activities,thereby providing you with the opportunityto share your learning and yourexperiences with colleagues. Activities willalso include debriefs in which you and yourcolleagues can discuss the challenges (andsolutions to those challenges) with thefacilitator and each other.You will also be required to reflect on yourown performance by identifying areas youbelieve you performed well and areas thatneed improvement. You will be providedwith the tools to ensure you capture thisinformation and transform your selfreflection into an action tatehttps://humber.ca/realestate/

Broker Wrap-UpBroker Wrap-Up MaterialsYou will be using the following materials for the Broker Wrap-Up:Participant Workbook(one for Day 1 andone for Day 2)Forms Booklet(one for Day 1 andone for Day 2)ActionPlanningWorkbookPARTICIPANT WORKBOOKFORMS BOOKLETTheParticipantWorkbookisacomprehensive guide for activities you willcomplete, either individually or in smallgroups. Use the workbook to:The Forms Booklet contains documents youwill need to reference to complete certainactivities, including forms developed by theOntario Real Estate Association (OREA).These forms are for educational purposesonly. If your brokerage is a member of a realestate board or association, you will haveaccess to the OREA forms on the job. If yourbrokerage is not a member of a real estateboard or association, you will have access tosimilar forms.Review the activities (objectives,instructions, scenarios, questions)Record yourquestionsresponsestodirectRecord your thoughts about yourperformance in the Self-ReflectionsectionTake notes during large-group and/orsmall-group discussionsComplete math calculations (formulasare provided)Follow along with the flow of each dayActivities are presented sequentially andyour facilitator will provide guidance on theirexecution.These workbooks will be available on theReferencestaboftheLearningManagement System (LMS) for all mber.ca/realestatehttps://humber.ca/realestate/

Broker Wrap-UpACTION PLANNING WORKBOOKThe Action Planning Workbook is where you will record your action plans for improvement onceyou complete the Broker Wrap-Up.The three steps to action planning are:SELFREFLECTCREATETHE PLANTAKEACTIONStep 1: Self-reflectThe self-reflection is for your personal use only; namely, to help you identify areas youbelieve you performed well and areas for improvement. Record your notes in theSelf-Reflection section of your Participant Workbook when instructed by the facilitator.Step 2: Create the PlanCreate the plan on the last day of the Broker Wrap-Up as follows:Review your self-reflection notes from your Participant Workbooks.Select one or two areas you believe you performed well and one or two areas forimprovementPriority rank your areas for improvement by selecting the top two areas you want tofocus on for improvementDetermine your goals for each areaIdentify action steps to help you meet each goalStep 3: Take ActionInitiate your action plan once you have completed the Broker Wrap-Up alestatehttps://humber.ca/realestate/

Broker Wrap-UpWhat We Expect From YouTo enhance your learning experience and ensure you derive the most benefit from the BrokerWrap-Up, we expect you to:Read this orientation document before the start of the Broker Wrap-UpFully participate in the two-day sessionsCollaborate with your colleaguesComplete all activitiesWhen in doubt, ask questions and/or seek clarificationBe respectful of other opinions and contributionsRemember the Golden Rule – Treat others as you would want to be estatehttps://humber.ca/realestate/

Visit us: humber.ca/realestatehttps://humber.ca/realestate/ lestate/ lestate/ https://humber.ca/realestate/Real Estate Broker Program 2021 Real Estate Council of Ontario. All Rights Reserved. No part of thispublication may be reproduced, stored in a retrieval system, or transmitted, in any form or in any means – byelectronic, mechanical, photocopying, recording or otherwise without prior written permission, except for thepersonal use of the Real Estate Broker Program learner.

Broker Wrap-Up STRUCTURE The Broker Wrap-Up is a two-day session in which you will assume the role of broker of record for ABC Real Estate Inc. You will participate in specific activities chosen because of their complexity and importance. These activities reflect real-world situations for which you, as the broker of record, will be