Humber/Ontario Real Estate Course 3 Exam Practice

What must the salesperson note when accepting a monetary gift from a buyer customer?

1. Seller client must be informed and gift must flow through brokerage

2. Inform supervisor immediately

3. Report it to the real estate board

4. Notify the lender

5. Keep the gift confidential

6. Return the gift

The correct answer is: Seller client must be informed and gift must flow through brokerage

When a salesperson accepts a monetary gift from a buyer customer, it is essential to note that the seller client must be informed and the gift must flow through the brokerage. This practice ensures transparency and adheres to the ethical obligations that real estate professionals have to their clients. By informing the seller client about the gift, it helps maintain trust and integrity in the transaction. Moreover, the stipulation that the gift must flow through the brokerage aligns with industry regulations and ensures proper documentation and accounting. This step is critical to avoid any potential conflicts of interest or perceptions of impropriety that could compromise the transaction's validity. It also helps to protect the interests of all parties involved by ensuring that all earnings, including gifts, are properly recorded and disclosed in accordance with professional standards and regulations. In contrast, while other options present different actions that may seem relevant, they do not address the fundamental requirement of ensuring transparency and regulatory compliance directly related to accepting a gift in this context.