Humber Real Estate - Course 2, Module 2, Documenting Relationships with Sellers and Buyers UPDATED Questions and CORRECT Answers
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Course
Humber Real Estate
Institution
Humber Real Estate
Humber Real Estate - Course 2, Module 2,
Documenting Relationships with Sellers
and Buyers UPDATED Questions and
CORRECT Answers
- The effective date and expiry date of the agreement (can only be one expiry date)
- The method for calculating commission or other remuneration payable to the b...
Humber Real Estate - Course 2, Module 2,
Documenting Relationships with Sellers
and Buyers UPDATED Questions and
CORRECT Answers
- The effective date and expiry date of the agreement (can only be one expiry date)
- The method for calculating commission or other remuneration payable to the brokerage (in
the case of a seller, the amount payable)
- How the commission or other remuneration will be paid
- The services that the brokerage will provide under the agreement - Correct Answer- What 4
things must be specified on both representation and customer service agreements?
The expiry date - Correct Answer- If the term of a representation or customer service
agreement is more than 6 months, what must be prominently displayed on the first page, and
requires an initial by the seller/buyer?
No. Each seller must receive their own individual copy of the signed listing agreement. -
Correct Answer- If two sellers sign one representation agreement, is it acceptable to present
them with one copy of the signed document, if they sign in person at the same time?
- A salesperson has conveyed a written offer that is accepted by the seller
- A salesperson shows a property to the buyer, who subsequently purchases the property
- The salesperson introduces the seller and the buyer, for the purpose of discussing the
acquisition or disposition of an interest in real estate - Correct Answer- Under REBBA, when
might specific conditions allow remuneration to be paid without a written agreement?
- The brokerage is representing both the seller and the buyer in the same transaction (i.e. both
the seller and the buyer are clients)
- The brokerage is representing the seller as a client and is providing services to the buyer as
a customer in the same transaction
- The brokerage is representing the buyer as a client and is providing services to the seller as
a customer in the same transaction - Correct Answer- In what situations would the
salesperson need to disclose the nature of the relationship to both the buyer and seller?
, No. The seller agrees in their representation agreement to indemnify the brokerage in case of
damage, theft, vandalism or fire that may occur during the marketing process, providing the
brokerage is not behaving negligently in carrying out its duties. - Correct Answer- If a home
is locked up properly after an open house, and then is broken into, is the brokerage liable for
the damages?
2.5% as agreed to in the buyer representation agreement. (Seller pays 1.5% and buyer pays
the additional 1%) - Correct Answer- If a buyer agrees the brokerage should received a
commission of 2.5% of the sale price of any property purchased during the term of their
agreement, and the seller is providing 1.5% commission, how much commission will the
buyer's brokerage make?
- Exclusive with one brokerage
- Placed on a listing service inviting co-operation from other brokerages
- Open listing - Correct Answer- What types of listings are there?
The seller gives the sole right to market and sell their property to one brokerage. The
brokerage is authorized by the seller to sell their property during the time specified in the
agreement and on the terms agreed to.
Note: Only the brokerage with whom a seller has signed an exclusive agreement is authorized
to show the property to potential buyers, and the property wouldn't be advertised on a listing
service. - Correct Answer- Define an 'Exclusive Listing'
Because the seller has given specific instructions regarding the showing of the property that
the brokerage must follow. For example, pre-qualifying potential buyers for high-end
properties, ensuring privacy and tighter control over who is shown the property (i.e. no nosy
neighbours wanted). - Correct Answer- Why would a seller choose an 'Exclusive Listing' with
a brokerage?
By restricting the authority to sell the property to the listing brokerage, buyers working with
other brokerages may not know of the property's availability and miss the opportunity to view
and purchase the property. - Correct Answer- What is a potential major issue when a seller
considers an 'Exclusive Listing'?
The most common form of listing; the property is placed on a listing service (i.e. MLS) and
the authority to list is granted to only one brokerage, however, the seller permits the listing
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