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!

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If Salesperson Edwards is transferring brokerages and wants his listings to move with him, he must:

Cancel the current listing agreements and sign new ones at the new brokerage.
Complete an internal brokerage transfer without involving sellers.
Discuss reassignment with the sellers and act based on their decisions.
Transfer the listings directly without any approvals.
Apply for a special transfer permit.
Notify the Real Estate Council before the transfer.

The correct answer is: Discuss reassignment with the sellers and act based on their decisions.

When a salesperson transfers brokerages and wishes to have their listings move with them, it is necessary for them to engage the sellers in a discussion regarding the reassignment of the listings. The basis for this is found in the principle that listing agreements are contracts between the sellers and the brokerage, not the individual salesperson. Therefore, the decision to maintain the listing under the new brokerage is contingent upon the sellers' consent and approval. Communicating with the sellers allows for transparency in the process and ensures that they are comfortable with the new arrangements. If the sellers agree to the reassignment of their listings to the new brokerage, the salesperson can then proceed accordingly. This choice reflects the legal and ethical obligations that real estate professionals have in respecting the rights and autonomy of their clients throughout the transaction process.