Humber/Ontario Real Estate Course 3 Exam Practice

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Prepare for the Humber/Ontario Real Estate Course 3 Exam. Study with challenging questions and detailed explanations to enhance your understanding. Get ready to excel in your exam!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

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What should the salesperson do upon receiving a $500 gift certificate from an appreciative buyer customer?

Inform the seller client and disclose the payment through the brokerage
Accept graciously with no questions or disclosures
Not accept the monetary gift
Inform only the seller client about the gift
Return the gift to avoid conflicts
Inform the buyer's lawyer of the gift

The correct answer is: Inform only the seller client about the gift

The appropriate action for a salesperson upon receiving a gift certificate from a buyer customer is to inform only the seller client about the gift. This choice reflects a commitment to transparency and maintaining professional ethics in real estate transactions. By disclosing the receipt of the gift to the seller client, the salesperson ensures that all parties involved are operating with full knowledge of potential influences on the relationship. Moreover, this contributes to trust and clarity in the business relationship, which is crucial for maintaining a professional standard in real estate practices. While it is also vital to comply with brokerage policies regarding gifts, informing the seller client specifically acknowledges the importance of their interests in a transaction. Other options may suggest varying degrees of acceptance or denial of the gift, but failing to inform the seller client could risk misunderstandings or perceived improprieties later. Therefore, the act of sharing this information upholds ethical standards within the industry.