Humber/Ontario Real Estate Course 2 Exam Practice

According to REBBA, which disclosure requirements and information must be provided when listing property or presenting offers?

1. A single disclosure must be made at the time of listing.

2. REBBA mandates two disclosures: one before an agreement is signed and another before presenting an offer.

3. Some information must be provided to customers before entering into an agreement.

4. Two pre-agreement disclosures are required only if the property is commercial.

5. Written consent from the buyer and seller is not necessary once disclosures are made.

6. Only information pertaining to the buyer needs to be disclosed initially.

The correct answer is: A single disclosure must be made at the time of listing.

According to REBBA (Real Estate and Business Brokers Act), when listing a property or presenting offers, a single disclosure must be made at the time of listing. This disclosure includes important information such as the agent's identity, the agent's brokerage, and the type of listing agreement being entered into. It is essential to make this disclosure at the beginning of the transaction to ensure transparency and provide all necessary information to the parties involved. The other options are incorrect because REBBA requires a single disclosure at the time of listing, not multiple disclosures at different stages or specific to the property type. Written consent from the buyer and seller may still be necessary even after disclosures are made, depending on the circumstances.