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.

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!

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If ABC Realty Inc. is working with a buyer client to purchase a property listed with another brokerage, what is the representation situation?

Both brokerages represent the seller, owing fiduciary duties to the seller and a limited duty to the buyer.
ABC Realty Inc. acts as a sub-agent, owing fiduciary duties to both the buyer and seller but limited duty to the buyer.
ABC Realty Inc. represents the buyer, owing fiduciary duties to the buyer and limited duty to the seller, with the listing brokerage owing fiduciary duty to the seller and limited duty to the buyer.
The listing brokerage owes fiduciary duties to both buyer and seller, while ABC Realty Inc. owes fiduciary duty only to the buyer.

The correct answer is: ABC Realty Inc. represents the buyer, owing fiduciary duties to the buyer and limited duty to the seller, with the listing brokerage owing fiduciary duty to the seller and limited duty to the buyer.

When ABC Realty Inc. is working with a buyer client to purchase a property listed with another brokerage, the representation situation is as described in option C. In this scenario, ABC Realty Inc. represents the buyer, which means they owe fiduciary duties to the buyer and have a limited duty to the seller. At the same time, the listing brokerage owes fiduciary duty to the seller and has a limited duty to the buyer. This setup ensures that both parties involved in the transaction have representation and protection, with clear delineation of duties and responsibilities between the buyer's brokerage and the listing brokerage.