Humber/Ontario Real Estate Course 2 Exam Practice

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What is an important step a salesperson should take when contacting a 'For Sale by Owner' (FSBO)?

  1. Avoid contacting a FSBO at all to prevent conflicts

  2. Ensure the FSBO has not signed an exclusive seller representation agreement

  3. Rely on the seller-provided property details for buyer clients

  4. Use a customer service agreement which is irrelevant in FSBO cases

  5. Verify FSBO is ready for an immediate listing

  6. Contact other salespersons for collaboration

The correct answer is: Ensure the FSBO has not signed an exclusive seller representation agreement

When contacting a 'For Sale by Owner' (FSBO), it is crucial for a salesperson to ensure that the FSBO has not signed an exclusive seller representation agreement. An exclusive seller representation agreement means that the FSBO has already engaged with a real estate agent to represent them in the sale of their property. If this agreement is in place, the FSBO may not be open to working with another real estate agent. By verifying that the FSBO has not signed such an agreement, the salesperson can proceed with confidence in discussing potential collaboration or representation opportunities. Options A, C, D, E, and F are incorrect: - A: Avoiding contacting a FSBO altogether may limit potential opportunities for collaboration and may not be the best approach for a proactive salesperson. - C: Relying solely on seller-provided property details is not advisable as a salesperson should conduct their own due diligence and gather relevant information. - D: Using a customer service agreement is not typically relevant in FSBO cases as this type of agreement is more commonly used in transactions involving real estate professionals. - E: Verifying if the FSBO is ready for an immediate listing is important, but it is not as critical as ensuring there is no exclusive seller representation agreement in place. - F: Contacting other salespersons for collaboration may be beneficial in certain circumstances, but the priority when contacting a FSBO should be to check for any existing exclusive agreements.

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