Humber/Ontario Real Estate Course 2 Exam Practice

What is correct regarding seller representation agreements and listing data sheets?

1. The code of ethics requires a standard listing data sheet form part of the agreement.

2. The legal description of the listed property does not need verification if previously listed.

3. The lot size must be confirmed through a source document like a survey report.

4. All brokerages must use the standardized method of living area measurement.

5. The asking price must be justified with a recent appraisal.

6. The agreement must include a property condition disclosure form.

The correct answer is: The lot size must be confirmed through a source document like a survey report.

In seller representation agreements and listing data sheets, it is essential to confirm the accuracy of key information. The lot size is a critical detail that must be verified through an official source document like a survey report to ensure that all parties involved have accurate and reliable information about the property. Having the lot size confirmed through a reliable source can prevent any potential disputes or discrepancies down the line. Therefore, option C is correct. Regarding the other options: A. The code of ethics does not specifically require a standard listing data sheet to form part of the agreement. B. It is essential to verify the legal description of the property, even if it was previously listed, to ensure accuracy. D. While there are standardized methods for measuring living area, not all brokerages are required to use the same method. E. While an appraisal can provide justification for the asking price, it is not always a mandatory inclusion in the agreement. F. While property condition disclosure forms are crucial for transparency, they may not be required in every seller representation agreement.