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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An agency relationship typically includes which critical component?

  1. Full representation in all financial matters

  2. Explicit fiduciary duties towards the client

  3. Ability to represent multiple clients for the same property

  4. Disclosure of all personal details to clients

  5. Freedom to make financial decisions on behalf of the client

  6. sharing profits and losses equally

The correct answer is: Explicit fiduciary duties towards the client

In an agency relationship in real estate, the critical component is the explicit fiduciary duties towards the client. This means that the agent must act in the best interests of their client, including duties of loyalty, obedience, disclosure, confidentiality, reasonable care, and diligence. These fiduciary duties ensure that the client's best interests are always prioritized during the real estate transaction. It is crucial for agents to uphold these duties to maintain trust and integrity in the relationship with their clients. Options A, C, D, E, and F are not typically part of an agency relationship in real estate. Full representation in all financial matters, the ability to represent multiple clients for the same property, disclosure of all personal details to clients, freedom to make financial decisions on behalf of the client, and sharing profits and losses equally are not standard components or practices within a typical real estate agency relationship.

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