Humber/Ontario Real Estate Course 2 Exam Practice

Which document would ensure a listing brokerage informs the buyer’s brokerage of any competing offer on a property?

1. Competing Offer Disclosure Form

2. Multiple Representation Agreement

3. Mutual Release Form

4. Offer Presentation Executive Summary

5. Offer Summary Document

6. Schedule A Addendum

The correct answer is: Multiple Representation Agreement

The correct answer is the Multiple Representation Agreement. This document ensures that the listing brokerage informs the buyer's brokerage of any competing offer on a property when the same brokerage represents both the buyer and the seller in a real estate transaction. The Multiple Representation Agreement outlines how confidential information will be handled and ensures transparency in the event of multiple offers on a property. The other options are not the correct answer: - A Competing Offer Disclosure Form typically involves the buyer making a formal statement about a competing offer. - A Mutual Release Form is used when both parties agree to release each other from a contract. - An Offer Presentation Executive Summary is a document summarizing the key points of an offer. - An Offer Summary Document is a general term and is not specifically related to disclosing competing offers. - A Schedule A Addendum typically pertains to additional terms and conditions added to a real estate contract but does not directly address informing the buyer's brokerage of competing offers.