Humber/Ontario Real Estate Course 2 Exam Practice

Which is accurate about a single representation agreement's obligations?

1. Maximize the sale price

2. Ensure all material facts known are disclosed

3. Assist buyers in home remodeling

4. Guide clients in getting a payout

5. Ensure property remains in use condition

6. Provide unlimited advice

The correct answer is: Ensure all material facts known are disclosed

In a single representation agreement, the agent's obligation to ensure all material facts known are disclosed is accurate. This is a fundamental requirement in real estate transactions to uphold transparency and avoid any potential legal issues that may arise from withholding important information. Disclosing all material facts helps protect both the buyer and the seller by ensuring that all parties have access to the same information and can make informed decisions. Option A is not necessarily accurate as maximizing the sale price is not the primary obligation of the agreement. Option C and D are also not correct as assisting buyers in home remodeling and guiding clients in getting a payout are not typical obligations under a single representation agreement. Option E is not accurate because maintaining the property in a useable condition is the responsibility of the property owner, not the agent. Option F is also not correct because providing unlimited advice is not a specific obligation outlined in a single representation agreement.