Humber/Ontario Real Estate Course 3 Exam Practice

According to REBBA, certain disclosure requirements and minimum information must be provided when listing property and presenting offers. Which of the following statements is correct regarding such requirements, including situations involving multiple representation?

1. None of the requirements apply unless the buyer requests information.

2. Only customers need to be given all relevant information.

3. REBBA mandates two disclosures: one before an agreement is signed and another before an offer is presented.

4. REBBA requires that multiple representation disclosures occur only after an offer is presented.

5. REBBA requires a single disclosure regarding multiple representation at the point of property listing.

6. Written consent from both buyer and seller is not needed if proper disclosures are provided by brokerage.

The correct answer is: REBBA mandates two disclosures: one before an agreement is signed and another before an offer is presented.

The correct statement regarding the disclosure requirements under REBBA is that it mandates two disclosures: one must be made before an agreement is signed and another must occur before an offer is presented. This is crucial as it ensures that all parties involved in a real estate transaction are aware of pertinent information, fostering transparency and informed decision-making. Providing these disclosures at the specified times is designed to protect both consumers and real estate professionals by ensuring that all parties have access to significant information pertaining to the transaction, including the potential for multiple representation. This approach addresses any conflicts of interest that could arise and upholds the integrity of the transaction process. In the context of the other options: - The notion that none of the requirements apply unless a buyer requests information undermines the proactive nature of these regulations, which are intended to protect all parties involved from the outset, rather than waiting for a client to ask for specific details. - The idea that only customers need to be given all relevant information fails to consider that clients also have rights to be informed prior to entering agreements. - Suggesting that multiple representation disclosures should occur only after an offer is presented does not align with the regulation’s emphasis on early and effective communication. - The assertion that a single disclosure is adequate at the