Ontario Real Estate Licensing Exam Practice · Question
A real estate salesperson, Sarah, is representing a buyer in a multiple offer situation. Under the Trust in Real Estate Services Act (TRESA) 2023, what is Sarah's primary obligation regarding the disclosure of competing offers?
Under TRESA 2023, salespersons are obligated to disclose the number of competing offers to their buyer client to ensure transparency. However, the specific cont
Start free practice for Ontario Real Estate Licensing Exam Practice
363 questions · no signup required · 40 free questions per day
Question: A real estate salesperson, Sarah, is representing a buyer in a multiple offer situation. Under the Trust in Real Estate Services Act (TRESA) 2023, what is Sarah's primary obligation regarding the disclosure of competing offers?
Answer options: ✅ Sarah must disclose the number of competing offers, but not their contents, to her buyer client.
- Sarah is prohibited from disclosing the existence or contents of any competing offers to her buyer client.
- Sarah must disclose all material terms of competing offers to her buyer client, with the seller's consent.
- Sarah is only required to disclose the number of competing offers if specifically requested by the buyer client.
Correct answer: Sarah must disclose the number of competing offers, but not their contents, to her buyer client.
Explanation: Under TRESA 2023, salespersons are obligated to disclose the number of competing offers to their buyer client to ensure transparency. However, the specific contents of those offers generally remain confidential, unless the seller provides written consent to disclose them.
Start free practice for Ontario Real Estate Licensing Exam Practice
363 questions · no signup required · 40 free questions per day
More about Ontario Real Estate Licensing Exam Practice
Related Questions
- A buyer is considering a mortgage product that allows them to prepay a portion of their principal at any time
- A commercial property in Toronto is sold for $2,000,000. The vendor is an HST registrant. What is the buyer's
- What is the primary purpose of registering a deed under the Registry Act in Ontario?
- What is the primary role of a 'title search' in a residential real estate transaction in Ontario?
- A seller accepts a conditional offer. Before the conditions are fulfilled, the seller receives a firm, higher
- Which of the following is a common encumbrance that would be registered on title and affect a property owner's
More for Ontario Real Estate Licensing Exam Practice candidates
Study guides
Question explanations
- A buyer is considering a mortgage product that allows them to prepay a portion of their principal at any time
- A commercial property in Toronto is sold for $2,000,000. The vendor is an HST registrant. What is the buyer's
- What is the primary purpose of registering a deed under the Registry Act in Ontario?
- What is the primary role of a 'title search' in a residential real estate transaction in Ontario?
Ready to practice?
Free, no signup required. Build a wrong-question list as you go.
Start Free Ontario Real Estate Licensing Exam Practice Practice →Related courses
Other Canadian certifications candidates often prepare for alongside this one.