Humber/Ontario Real Estate Course 3 Exam Practice

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Prepare for the Humber/Ontario Real Estate Course 3 Exam. Study with challenging questions and detailed explanations to enhance your understanding. Get ready to excel in your exam!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

A salesperson is conducting an open house on behalf of his seller client, who has signed a seller representation agreement. Assume that the buyers, subsequent to appropriate disclosures from the salesperson, decide to accept customer services from the brokerage and sign a buyer customer service agreement before submitting an offer on this property. Based on this decision:

The buyers are entirely on their own, and the brokerage owes no duties to them in the negotiating process.
The buyers could owe remuneration to the brokerage if the seller doesn't pay brokerage fees.
The brokerage can take sides during negotiation to favor the seller.
The brokerage must act impartially regarding the seller and the buyers.
The seller is obligated to cover all brokerage fees for both parties.
The buyers are represented by the brokerage during the negotiations.

The correct answer is: The brokerage must act impartially regarding the seller and the buyers.

The correct choice indicates that the brokerage must act impartially regarding both the seller and the buyers involved in the transaction. This is essential as it reflects the principles of ethical real estate practice and ensures that both parties are treated fairly. When the buyers enter into a buyer customer service agreement, they are establishing a customer relationship rather than a client relationship, which means that the brokerage is not acting as their representative. However, the brokerage is still required to conduct itself in a manner that is fair and impartial to all parties. This impartiality helps maintain trust and integrity in the transaction process. The importance of impartiality ensures that the brokerage does not show favoritism towards the seller or the buyers during negotiations, which could lead to conflicts of interest or ethical dilemmas. By maintaining this fair stance, the brokerage can facilitate productive negotiations while upholding legal and professional standards. In contrast, other options hint at potential biases or responsibilities that do not align with the concept of impartiality in real estate negotiations, making it crucial for the brokerage to remain neutral to foster trust between all parties involved.