Humber/Ontario Real Estate Course 2 Exam Practice

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When is Buyer Lopez required to pay remuneration to ABC Realty Inc. during the listing period?

  1. When the listed property offers 3% remuneration by the listing brokerage

  2. When the listed property offers 2% remuneration by the listing brokerage

  3. If the property was a private sale and the seller agrees to pay 2.5% remuneration

  4. Buyer Lopez will never pay remuneration, as the seller pays all brokerages

  5. When the listed property offers 4% remuneration by the listing brokerage

  6. Buyer Lopez is always exempt from paying remuneration

The correct answer is: When the listed property offers 2% remuneration by the listing brokerage

In Ontario, it is essential to understand that the payment of remuneration by the buyer is contingent upon the terms outlined in the Buyer Representation Agreement (BRA). In this particular scenario, Buyer Lopez would be required to pay remuneration to ABC Realty Inc. during the listing period if the listed property offers 2% remuneration by the listing brokerage, as indicated in option B. It is a common practice for the remuneration to be outlined in the BRA and is typically based on a percentage of the sale price of the property. The agreement between the buyer and the brokerage would specify the remuneration amount and when it is due. The other options are not the correct answers because they do not align with the standard practices in Ontario real estate transactions. Option A, C, E, and F do not accurately reflect the conditions under which a buyer would be required to pay remuneration to the brokerage during the listing period. It is crucial for real estate professionals to ensure transparency and clarity regarding remuneration agreements to avoid any misunderstandings during the transaction process.

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