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.

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What is a necessary step when listing a property and determining a listing price according to REBBA?

  1. Inspect the property before determining the price

  2. Put the listing agreement in writing before finalizing any paperwork

  3. Seek regulatory approval for listing price accuracy

  4. Take exterior and interior photos beforehand

  5. Update the listing data sheet first

  6. Wait for an initial buyer offer before setting the price

The correct answer is: Put the listing agreement in writing before finalizing any paperwork

When listing a property and determining a listing price according to REBBA (Real Estate and Business Brokers Act), putting the listing agreement in writing before finalizing any paperwork is a necessary step. This practice ensures that all parties involved are on the same page regarding the terms and conditions of the listing, including the agreed-upon price. By having the listing agreement documented in writing, it helps to avoid any misunderstandings or disputes that may arise during the transaction process. Therefore, ensuring the listing agreement is in writing is essential in adhering to REBBA regulations and best practices in real estate transactions. Options A, C, D, E, and F are not necessary or required steps when listing a property and determining a listing price according to REBBA.

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