Humber Real Estate - Course 2, Module 2, Documenting Relationships with Sellers and Buyers Questions and Correct Solutions 2024 Updated

Humber Real Estate - Course 2, Module 2, Documenting Relationships with Sellers and Buyers Questions and Correct Solutions 2024 Updated - The effective date and expiry date of the agreement (can only be one expiry date) - The method for calculating commission or other remuneration payable to the brokerage (in the case of a seller, the amount payable) - How the commission or other remuneration will be paid - The services that the brokerage will provide under the agreement - Answer -What 4 things must be specified on both representation and customer service agreements? The expiry date - Answer -If the term of a representation or customer service agreement is more than 6 months, what must be prominently displayed on the first page, and requires an initial by the seller/buyer? No. Each seller must receive their own individual copy of the signed listing agreement. - Answer -If two sellers sign one representation agreement, is it acceptable to present them with one copy of the signed document, if they sign in person at the same time? - A salesperson has conveyed a written offer that is accepted by the seller - A salesperson shows a property to the buyer, who subsequently purchases the property - The salesperson introduces the seller and the buyer, for the purpose of discussing the acquisition or disposition of an interest in real estate - Answer -Under REBBA, when might specific conditions allow remuneration to be paid without a written agreement? - The brokerage is representing both the seller and the buyer in the same transaction (i.e. both the seller and the buyer are clients) - The brokerage is representing the seller as a client and is providing services to the buyer as a customer in the same transaction - The brokerage is representing the buyer as a client and is providing services to the seller as a customer in the same transaction - Answer -In what situations would the salesperson need to disclose the nature of the relationship to both the buyer and seller? No. The seller agrees in their representation agreement to indemnify the brokerage in case of damage, theft, vandalism or fire that may occur during the marketing process, providing the brokerage is not behaving negligently in carrying out its duties. - Answer -If a home is locked up properly after an open house, and then is broken into, is the brokerage liable for the damag