Humber/Ontario Real Estate Course 2 Exam Practice

Under the REBBA Code of Ethics, which statement is accurate?

1. The information required to be given to a buyer or seller before entering an agreement varies, depending on whether they are a client or customer

2. The required content for a representation agreement differs from that of a customer service agreement

3. A seller customer service agreement must include an effective date, expiry date, and remuneration details

4. The rules on agreements longer than six months apply to representation agreements but not to customer service agreements

5. A buyer customer service agreement must be renewed annually

6. A buyer representation agreement has no mandatory content requirements

The correct answer is: A seller customer service agreement must include an effective date, expiry date, and remuneration details

Under the REBBA Code of Ethics, a seller customer service agreement must include an effective date, expiry date, and remuneration details. This is an accurate statement as per the regulations governing the real estate industry in Ontario. Option A is incorrect because the information required to be given to a buyer or seller does not vary based on whether they are a client or customer. Both clients and customers have specific information that must be provided to them before entering into an agreement. Option B is incorrect as the required content for a representation agreement is different from that of a customer service agreement. Each type of agreement has its own specific content requirements as per the regulations. Option D is incorrect because the rules on agreements longer than six months apply to both representation agreements and customer service agreements. Both types of agreements are affected by the regulations regarding agreements longer than six months. Option E is incorrect as a buyer customer service agreement does not necessarily need to be renewed annually. The renewal of such agreements depends on the terms outlined in the agreement itself and the agreement between the parties involved. Option F is incorrect because a buyer representation agreement does have mandatory content requirements set out by the REBBA Code of Ethics. The agreement must include specific details and terms to be valid and enforceable.