Humber/Ontario Real Estate Course 4 Exam Practice

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According to the REBBA Code of Ethics:

  1. The term of a buyer representation agreement cannot exceed six months

  2. The payable amount to a cooperating brokerage must be disclosed

  3. A buyer representation agreement must be in writing, signed, and delivered

  4. A copy of the buyer representation agreement should be given immediately upon signing

  5. The buyer must receive a summary of terms within 48 hours

  6. All fees should be outlined before any agreement is signed

The correct answer is: A copy of the buyer representation agreement should be given immediately upon signing

The choice indicating that a copy of the buyer representation agreement should be given immediately upon signing aligns with the requirements stipulated by the Real Estate and Business Brokers Act (REBBA) Code of Ethics. A fundamental principle within real estate transactions emphasizes the need for transparency and clear communication between parties. When a buyer representation agreement is signed, it is essential for the buyer to have a copy right away. This ensures that the buyer is fully aware of their rights and obligations as laid out in the agreement. Providing a copy upon signing supports the ethical practice of keeping clients informed and allows them to review the agreement at any time. It fosters trust and maintains a professional relationship between the agent and the client. Furthermore, this practice establishes a firm foundation for any future dealings or disputes, as both parties possess the same information from the outset. This practice reinforces the notion that all parties should operate with clarity and mutual understanding in real estate transactions, which is an integral part of maintaining ethical standards in the industry.

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