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.

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

Which statement is accurate about the use of listing agreements?

A brokerage can earn commissions that are the difference between the asking and selling prices if agreed-upon by the seller
The broker of record must sign every listing agreement on behalf of the brokerage
A listing agreement can serve either as a 'listing services' listing or an exclusive listing
The holdover clause on a listing agreement must be between 60 and 90 days

The correct answer is: A listing agreement can serve either as a 'listing services' listing or an exclusive listing

In this case, the correct answer is C. A listing agreement can serve either as a 'listing services' listing or an exclusive listing. This statement is accurate because listing agreements in Ontario can be structured in different ways to suit the needs and preferences of the seller. Option A is incorrect because in Ontario, a brokerage cannot earn commissions based on the difference between the asking and selling prices unless specifically agreed upon in the listing agreement. Option B is incorrect because while the broker of record must oversee all transactions at the brokerage, they do not necessarily have to sign each listing agreement personally. Option D is incorrect as there is no specific requirement for the holdover clause on a listing agreement to be between 60 and 90 days. The length of the holdover period can vary and is typically negotiable between the seller and the brokerage.