Humber/Ontario Real Estate Course 2 Exam Practice

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What does the REBBA Code of Ethics require if a listing agreement exceeds six months?

  1. Ask for broker of record's approval.

  2. Clearly display the expiration date, along with the seller's initials.

  3. Give the seller an option for early termination of the listing agreement.

  4. Prepare an initial seller representation agreement for six months followed by an extension.

  5. Submit the listing agreement for regulatory review.

  6. Update the agreement quarterly.

The correct answer is: Clearly display the expiration date, along with the seller's initials.

The REBBA Code of Ethics requires that if a listing agreement exceeds six months, it must clearly display the expiration date along with the seller's initials. This is an essential requirement to ensure transparency and understanding between the real estate agent and the seller regarding the duration of the agreement. By clearly displaying the expiration date and obtaining the seller's initials, it helps to avoid any confusion or disputes that may arise regarding the terms of the listing agreement. Options A, C, D, E, and F are incorrect: A. Asking for the broker of record's approval is not a specific requirement stated by the REBBA Code of Ethics for listing agreements exceeding six months. C. While giving the seller an option for early termination is a good practice, it is not a specific requirement outlined in the REBBA Code of Ethics in this context. D. The preparation of an initial seller representation agreement followed by an extension is not a standard requirement stated by the REBBA Code of Ethics for listing agreements exceeding six months. E. Submitting the listing agreement for regulatory review is not a standard procedure specified in the REBBA Code of Ethics for listing agreements exceeding six months. F. Updating the agreement quarterly is not a specific requirement mentioned in the REBBA Code of Ethics for listing agreements exceeding six months.

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