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 Salesperson Peterson knows about a property for sale by owner that meets Buyer McLean's needs, what ethical obligation does he have?

Is only obligated to inform the buyer if the seller is willing to pay remuneration to Peterson's employing brokerage.
Is under no obligation to inform the buyer about this property, as it is not currently listed with a brokerage.
Need only inform the buyer if asked about for sale by owner properties.
Has an ethical obligation to inform the buyer about this property.

The correct answer is: Has an ethical obligation to inform the buyer about this property.

Salesperson Peterson has an ethical obligation to inform Buyer McLean about the property for sale by owner that meets the buyer's needs. This obligation arises from the duty of loyalty that real estate professionals owe to their clients. By sharing information about a property that could potentially be of interest to the buyer, Peterson is fulfilling his duty to act in the best interests of the client. This ethical obligation is not dependent on whether the property is listed with a brokerage or whether there is remuneration involved. Ultimately, the primary concern is serving the client's needs and providing them with relevant information to make informed decisions in their real estate transactions.