Humber/Ontario Real Estate Course 3 Exam Practice

What should a seller client do to reduce the listing price of their property when dealing with a 'listing service' listing through a brokerage?

1. The seller should provide a written instruction to the brokerage, and Salesperson Belov can use an amendment to listing agreement form.

2. Contact the local real estate board to alter the listing price.

3. Cancel the existing listing agreement and create a new one with the updated listing price.

4. Only need the signature of the seller on the amendment to listing agreement form.

5. Make an oral request to the sales representative to change the price.

6. Inform the brokerage verbally about the price reduction.

The correct answer is: Only need the signature of the seller on the amendment to listing agreement form.

A seller client looking to reduce the listing price of their property while engaged with a "listing service" through a brokerage should ensure they complete the necessary documentation correctly. Obtaining the signature of the seller on the amendment to the listing agreement form is crucial because it formalizes the request for a price change. This ensures that both the seller's intentions and any adjustments to the terms of the agreement are clearly documented and legally binding. The amendment process typically requires that the brokerage has clear and documented instructions from the seller to avoid any potential disputes or misunderstandings. By having the seller's signature, the brokerage can proceed confidently with the change, ensuring compliance with any relevant regulations or internal policies. Other methods, such as informal oral requests or verbal notifications, may lead to confusion or lack the necessary formality needed to execute the change effectively. Documentation in real estate transactions is vital for maintaining a clear record, safeguarding both the seller's interests and the brokerage's responsibilities.