Humber/Ontario Real Estate Course 2 Exam Practice

Which of the following is required in a standard Buyer Representation Agreement?

1. All commission rates are fixed by a real estate authority

2. The buyer is mandated to work with one brokerage for five years

3. Parties cannot make any changes to preprinted clauses within the agreement

4. The buyer agrees to financial remuneration unless specified otherwise in the agreement

5. Only purchasing transactions, not leasing, are covered

6. All agreements must include the seller's written acknowledgment

The correct answer is: Parties cannot make any changes to preprinted clauses within the agreement

In a standard Buyer Representation Agreement in Ontario, parties are allowed to make changes to preprinted clauses within the agreement. This flexibility is important as it enables both the buyer and the real estate brokerage to tailor the agreement to their specific needs and requirements. Therefore, option C is the correct choice. Options A, B, D, E, and F are incorrect as they do not align with the typical requirements found in a standard Buyer Representation Agreement. Commission rates are not fixed by a real estate authority, buyers are not usually mandated to work with one brokerage for a specific duration, financial remuneration terms vary and are not automatically agreed upon, both purchasing and leasing transactions can be covered in the agreement, and the seller's written acknowledgment is not a standard requirement in a Buyer Representation Agreement.