Humber/Ontario Real Estate Course 2 Exam Practice

What is the correct action if a buyer contacts the seller near the end of the listing period?

1. Sell the property with no remuneration obligation.

2. Have the buyer go through the listing brokerage.

3. Inform the listing brokerage of the buyer’s inquiry.

4. Pay full remuneration regardless of who sells the property.

5. Wait for the listing to expire before proceeding.

6. Ignore the buyer’s request and find another buyer.

The correct answer is: Inform the listing brokerage of the buyer’s inquiry.

When a buyer contacts the seller near the end of the listing period, the correct action is to inform the listing brokerage of the buyer's inquiry (Option C). This is important to ensure transparency and compliance with real estate regulations. By informing the listing brokerage, the seller and the buyer can proceed with the sale in accordance with the terms of the listing agreement. Option A is incorrect because typically, remuneration is due to the listing brokerage even if the seller sells the property to a buyer who was not brought by the listing brokerage. Option B may create confusion and potential legal issues as the buyer should not bypass the listing brokerage when making an offer on a property listed with them. Option D is not accurate as the remuneration would typically be due to the listing brokerage, as agreed upon in the listing agreement. Option E is not the best course of action as it delays potential transactions and may not be in the best interest of the seller or the buyer. Option F is not ethical or professional. It's important to address the buyer's request and handle it properly through communication with the listing brokerage.