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.

Which statement is typically included in the listing agreement?

The assumption that the co-operating brokerage is representing the buyer's interests, unless otherwise disclosed to the seller.
The provision that the listing of other properties, similar to the seller's, constitutes a conflict of interest and the seller's permission must be obtained to do so.
An acknowledgement that the co-operating brokerage is representing the seller's interests.
The acknowledgement that the seller will be provided with information about agency relationships after the listing agreement is signed.
An assumption that the seller is directly responsible for property inspections.
An obligation for the buyer to approve all marketing materials.

The correct answer is: The assumption that the co-operating brokerage is representing the buyer's interests, unless otherwise disclosed to the seller.

The statement regarding the assumption that the co-operating brokerage is representing the buyer's interests, unless otherwise disclosed to the seller, is commonly included in listing agreements. This inclusion is important because it clarifies the roles of the involved parties in the transaction, establishing a clear understanding of who the brokerage is representing. In real estate transactions, it is crucial for all parties to understand the nature of the agency relationships. This statement serves to protect both the buyer and seller by ensuring transparency in how the brokerage operates. It emphasizes that if the brokerage represents the buyer, they have a fiduciary duty to act in the buyer's best interests, which must be communicated to the seller. This helps prevent misunderstandings and potential legal issues down the line. Additionally, having such a statement in the listing agreement underscores the ethical standards within real estate practices, fostering trust in the relationship between buyers and sellers and their respective representatives. This is foundational for a lawyer's approach to real estate transactions, as it is essential to maintain clear definitions of roles and responsibilities to ensure compliance with real estate laws and regulations.