Humber/Ontario Real Estate Course 3 Exam Practice

Ten days before the listing expires, a potential buyer wants Seller Garcia to wait until the listing expires to make an offer. The buyer has seen the property advertised and attended an open house. What must Seller Garcia do?

1. Inform the listing brokerage of the buyer's inquiry.

2. Sell during the holdover period without any obligation to pay remuneration since the buyer was not shown the property directly during the listing.

3. The buyer must purchase through the listing brokerage as they were introduced during the listing period.

4. List and sell through another brokerage without paying any remuneration.

5. Wait until the listing expires without any obligation to notify the brokerage.

6. Agree to the buyer's request to make an offer after the listing expires.

The correct answer is: The buyer must purchase through the listing brokerage as they were introduced during the listing period.

The correct response indicates that the buyer must purchase through the listing brokerage because the buyer was introduced to the property during the listing period. In real estate, there are obligations related to agency and representation that come into play once a potential buyer expresses interest in a listed property. Since the buyer has attended an open house and seen the property advertised, they are considered to be introduced to the property by the listing brokerage. The relationship established during the listing period creates an expectation that any future transaction involving the property will recognize the interests protected by the brokerage agreement. Therefore, if the buyer proceeds to make an offer, it must be presented through the listing brokerage to ensure that the agency's representation and potential remuneration are honored according to the terms of the listing agreement. This protects the interests of both the seller and the brokerage, ensuring proper representation and compliance with real estate regulations. In contrast, scenarios that involve selling directly without the brokerage or waiting until the listing expires without notifying the brokerage can result in disputes regarding commissions and obligations, which underscores the importance of adhering to the terms established in the listing agreement. This framework ensures a fair process and the enforcement of contractual obligations within real estate transactions.