Humber/Ontario Real Estate Course 3 Exam Practice

To whom does the personal information of buyers and sellers in a real estate transaction belong?

1. A:The broker of record handling the transaction

2. B:The buyer and seller involved

3. C:RECO

4. D:The listing agent

5. E:The buyer's agent

6. F:The lawyer drafting the agreement

The correct answer is: B:The buyer and seller involved

The personal information of buyers and sellers in a real estate transaction primarily belongs to the individuals involved—the buyer and seller. This is rooted in privacy rights and regulations that protect personal data. When buyers and sellers engage in a real estate transaction, they share their information with various parties; however, the ownership of this information remains with them. In the context of real estate transactions, while brokers, agents, and lawyers may have access to this information to perform their duties, they do so under the implication of trust and confidentiality. They are obligated to maintain the privacy of their clients' information and cannot exploit it for personal gain. Therefore, the fundamental ownership of the information lies with the buyers and sellers, reflecting the principle of client autonomy and control over their data. Other parties involved in the transaction, such as the broker of record, listing agent, buyer's agent, or lawyer, have a fiduciary duty to handle the information responsibly and ethically, but they do not possess ownership of it. Regulatory bodies like RECO may have oversight responsibilities to ensure compliance with privacy laws but do not claim ownership of this personal information either.