Humber/Ontario Real Estate Course 2 Exam Practice

Which of these is NOT an obligation included in a buyer single representation agreement?

1. Assist with negotiations for specific properties

2. Negotiate the highest possible price for the client

3. Disclose material facts known to the brokerage

4. Assist with securing mortgage financing

5. Help with home inspection processes

6. Offer advice on legal documentation

The correct answer is: Negotiate the highest possible price for the client

A single representation agreement is a contract between a buyer and a real estate broker that outlines the responsibilities and obligations of both parties in a real estate transaction. It is important for buyers to thoroughly understand what is included in this agreement before signing. Option A, assisting with negotiations for specific properties, is an obligation included in a buyer representation agreement. The broker is responsible for helping the buyer negotiate a purchase price for the property they are interested in. Option C, disclosing material facts known to the brokerage, is also an obligation included in a buyer representation agreement. The broker must inform the buyer of any relevant information they are aware of about the property or the transaction. Option D, assisting with securing mortgage financing, is also a common responsibility for brokers in a buyer representation agreement. They may help the buyer find and secure financing options for their home purchase. Option E, helping with home inspection processes, is another obligation typically included in a buyer representation agreement. The broker may assist the buyer in scheduling and attending home inspections and interpreting the results. Option F, offering advice on legal documentation, is also a responsibility of the broker in a buyer representation agreement. They may provide guidance on legal documents related to the purchase, such as contracts and disclosures.