Humber/Ontario Real Estate Course 3 Exam Practice

Disable ads (and more) with a membership for a one time $2.99 payment

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!

Practice this question and more.

When is a brokerage entitled to remuneration based on the buyer representation agreement?

When the buyer enters into an agreement to purchase or lease a property that generally meets the buyer's needs as set out in the agreement.
When the buyer closes a sale relating to an agreement to purchase or lease a property that generally meets the buyer's needs as set out in the agreement.
When the buyer is introduced to a property that meets his or her needs as set out in the agreement.
When the buyer enters into an agreement to purchase, but not lease, a property that generally meets the buyer's needs as set out in the agreement.
When the property is transferred into the buyer's name.
When the buyer views at least three properties introduced by the brokerage.

The correct answer is: When the buyer enters into an agreement to purchase or lease a property that generally meets the buyer's needs as set out in the agreement.

The brokerage is entitled to remuneration based on the buyer representation agreement when the buyer enters into an agreement to purchase or lease a property that generally meets the buyer's needs as set out in the agreement. This answer reflects the fundamental principle behind buyer representation agreements, which establish a mutual understanding between the buyer and the brokerage about the services provided. The key factor here is the completion of the transaction agreement, indicating that the brokerage has fulfilled its obligation to represent the buyer's interests. The essence of the agreement is that the brokerage has performed its duties in helping the buyer identify and secure a property that aligns with their specified needs, making the brokerage entitled to compensation for its services. In contrast, other options may refer to different stages of the transaction process or conditions that do not directly relate to the brokerage's entitlement to remuneration, such as viewing properties or merely being introduced to a property, which are prior steps in the real estate process and do not definitively indicate that the brokerage has earned its commission.