Ontario Real Estate Licensing Exam Practice · Question
Before signing a listing agreement, what information must a real estate agent provide to the seller regarding commission?
Under TRESA, real estate agents are required to disclose clearly and in writing the exact amount or rate of commission that is payable, as well as the circumsta
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Question: Before signing a listing agreement, what information must a real estate agent provide to the seller regarding commission?
Answer options:
- A guarantee that the commission will be paid by the buyer. ✅ The exact amount or rate of commission that is payable and the circumstances under which it will be payable.
- A list of alternative brokerages with lower commission rates.
- An estimate of potential closing costs including legal fees.
Correct answer: The exact amount or rate of commission that is payable and the circumstances under which it will be payable.
Explanation: Under TRESA, real estate agents are required to disclose clearly and in writing the exact amount or rate of commission that is payable, as well as the circumstances under which it will be payable, before the client signs any representation agreement.
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