BC Real Estate Trading Services Licensing Exam Practice · Question
A licensee is asked by a buyer client to prepare an offer to purchase a property where the licensee has a financial interest. What is the licensee's FIRST obligation?
Before taking any further steps, the licensee must first disclose their financial interest in writing to the buyer, as required by RESA. This ensures transparen
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Question: A licensee is asked by a buyer client to prepare an offer to purchase a property where the licensee has a financial interest. What is the licensee's FIRST obligation?
Answer options:
- Advise the buyer to seek independent legal advice. ✅ Disclose the nature and extent of the licensee's interest in writing to the buyer.
- Refuse to prepare the offer due to a conflict of interest.
- Obtain consent from the seller to proceed with the transaction.
Correct answer: Disclose the nature and extent of the licensee's interest in writing to the buyer.
Explanation: Before taking any further steps, the licensee must first disclose their financial interest in writing to the buyer, as required by RESA. This ensures transparency and allows the buyer to make an informed decision.
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Question explanations
- A developer, Grandview Developments Ltd., plans to build a new condominium project in Kelowna. They register a
- Michael, a real estate licensee, is assisting his client Jane in purchasing a commercial property at 123 Main
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