Humber/Ontario Real Estate Course 4 Exam Practice

Under what conditions can a salesperson list a property until November 30th?

1. Listings cannot exceed six months according to REBBA guidelines.

2. Up to one year if the real estate board allows and if agreed in writing.

3. No more than 120 days based on contract law limits.

4. Permitted if the expiration date is prominent and the seller initials it.

5. Allowed as long as the listing agreement is regularly updated.

6. Listings exceeding eight months must be reviewed and approved by a supervisor.

The correct answer is: Permitted if the expiration date is prominent and the seller initials it.

The statement regarding the conditions under which a salesperson can list a property until November 30th is accurate because it highlights the importance of clarity and agreement between the parties involved in the listing. A listing agreement must include an expiration date, and if the expiration date is clearly stated and acknowledged by the seller through their initials, the agreement remains valid. This emphasizes the necessity for transparency and mutual consent in real estate transactions, ensuring that both the agent and the seller are aware of the terms of the listing agreement. The prominence of the expiration date serves to protect both the seller and the salesperson, as it delineates the timeframe within which the agent can market the property. By requiring the seller's initials, it ensures that the seller has agreed to the terms, including the duration of the listing. This adherence to proper procedures and documentation helps prevent disputes and misunderstandings that may arise regarding the length and terms of the listing agreement. Understanding this aspect of real estate listings is crucial for salespeople, as it aligns with best practices and legal obligations in the industry.