Humber/Ontario Real Estate Course 2 Exam Practice

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Prepare for the Ontario Real Estate Exam with our comprehensive Humber Course 2 Exam Practice quiz. Engage with multiple choice questions and detailed explanations, designed to help you excel.

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Which of the following is NOT a minimum requirement for a buyer representation agreement as per REBBA Code of Ethics?

The agreement must have an effective date, as well as a termination date.
The agreement must contain one expiry date.
The agreement must detail services provided by the brokerage.
The agreement can have two expiration dates, one for the current term of the representation agreement and a second for a time extension if such an extension is needed.
The agreement must specify the amount of commission to be paid.
The agreement must be signed by both the buyer and the brokerage.

The correct answer is: The agreement can have two expiration dates, one for the current term of the representation agreement and a second for a time extension if such an extension is needed.

In accordance with the REBBA Code of Ethics, a buyer representation agreement is required to have an effective date and a termination or expiry date. It should also clearly outline the services provided by the brokerage, specify the commission to be paid, and be signed by both the buyer and the brokerage. Option D is the correct answer because the statement about having two expiration dates, one for the current term of the representation agreement and a second for a time extension if needed, is not a minimum requirement as per the REBBA Code of Ethics. The agreement typically has one expiry date rather than two.