Humber/Ontario Real Estate Course 2 Exam Practice

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Prepare for the Ontario Real Estate Exam with our comprehensive Humber Course 2 Exam Practice quiz. Engage with multiple choice questions and detailed explanations, designed to help you excel.

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According to the buyer representation agreement, when is a brokerage entitled to remuneration?

Closes a sale relating to an agreement to purchase or lease a property, which generally meets the buyer's needs as set out in the buyer representation agreement.
Enters into an agreement to purchase, but not to lease, a property, which generally meets the buyer's needs as set out in the buyer representation agreement.
Enters into an agreement to purchase or lease a property, which generally meets the buyer's needs as set out in the buyer representation agreement.
Is introduced to a property that meets his or her needs, as set out in the buyer representation agreement.

The correct answer is: Enters into an agreement to purchase or lease a property, which generally meets the buyer's needs as set out in the buyer representation agreement.

In a buyer representation agreement, a brokerage is entitled to remuneration when they successfully assist the buyer in entering into an agreement to purchase or lease a property that generally meets the buyer's needs as set out in the agreement. This means that if the brokerage helps the buyer successfully secure a property purchase or lease that aligns with the buyer's stated needs and criteria, they are entitled to receive their commission for the services rendered. Options A, B, and D do not fully capture the criteria for when a brokerage is entitled to remuneration as specified in the buyer representation agreement. Option A mentions "closes a sale," which is not the same as entering into an agreement to purchase or lease. Option B excludes leasing agreements, which is not in line with the standard conditions of a buyer representation agreement. Option D focuses on the introduction to a property that meets the buyer's needs but does not address the crucial aspect of actually entering into an agreement for the purchase or lease. Therefore, option C accurately reflects the condition under which a brokerage is entitled to remuneration per the buyer representation agreement in Ontario real estate transactions.