Humber/Ontario Real Estate Course 3 Exam Practice

What is required in seller representation agreements and listing data sheets?

1. The REBBA Code of Ethics requires that a standard listing data sheet form part of the seller representation agreement.

2. The legal description of the listed property does not have to be verified, if that information is already included on a previous listing agreement.

3. The lot size must be confirmed through a source document such as a survey or GeoWarehouse report.

4. All brokerages in Ontario must use the standardized method of living area measurement when including overall square footage on a residential listing.

5. The seller must be present during any showings of the property.

6. The broker must verify the age of the property from at least two different sources.

The correct answer is: The lot size must be confirmed through a source document such as a survey or GeoWarehouse report.

The requirement to confirm the lot size through a source document, such as a survey or GeoWarehouse report, is vital for accuracy and legal compliance in real estate transactions. This ensures that the information presented to potential buyers is reliable and substantiated, which helps protect both the seller and the buyer. Accurate lot size information affects various factors, including property value, zoning regulations, and permitted uses. In real estate, relying on unverified or questionable data can lead to misunderstandings or disputes down the line. Confirming lot size with credible documentation minimizes the risk of discrepancies and fosters trust in the transaction process. Such diligence is important in maintaining professional standards in the industry as it corresponds with the principles outlined in the Code of Ethics and the regulations governing real estate practices.