Humber/Ontario Real Estate Course 2 Exam Practice

How can a registrant change the price of a listing for an existing client?

1. Have the client provide written instructions for the brokerage.

2. Discuss the price change at the next open house.

3. Make the change without needing client approval.

4. Re-list the property with the new price without canceling the previous listing.

5. Require verbal consent from the client before adjusting the price.

6. Make the changes directly in the MLS system without written consent.

The correct answer is: Have the client provide written instructions for the brokerage.

The correct answer is A: Have the client provide written instructions for the brokerage. This is the correct choice because, as per the Real Estate Council of Ontario (RECO) guidelines, the registrant must have written instructions from the client to change the price of a listing. Written instructions ensure clarity and protect both the client and the registrant by documenting the client's consent for the price adjustment. It is important to have a clear record of the client's instructions to avoid any misunderstandings or disputes in the future. Options B, C, D, E, and F are incorrect: B. Discussing the price change at the next open house is not the appropriate or professional way to change the price of a listing. C. Making the change without needing client approval goes against the principle of obtaining consent and following client instructions. D. Re-listing the property with a new price without canceling the previous listing can lead to confusion and could be considered misleading. E. Requiring only verbal consent from the client before adjusting the price is not sufficient; written instructions are necessary for clarity and protection. F. Making changes directly in the MLS system without written consent is not acceptable as it bypasses the required client approval process.