Ontario Real Estate Licensing Exam Practice · Question
If a real estate salesperson is involved in a transaction where they also have a personal interest (e.g., buying a property they are listing), what is their primary ethical obligation?
The Code of Ethics requires registrants to disclose any personal interest they may have in a real estate transaction to all other parties in writing. This ensur
Start free practice for Ontario Real Estate Licensing Exam Practice
363 questions · no signup required · 40 free questions per day
Question: If a real estate salesperson is involved in a transaction where they also have a personal interest (e.g., buying a property they are listing), what is their primary ethical obligation?
Answer options: ✅ To disclose their personal interest to all other parties in writing.
- To prioritize their personal financial gain.
- To consult with fellow salespeople about the ethics of the situation.
- To abstain from purchasing the property altogether.
Correct answer: To disclose their personal interest to all other parties in writing.
Explanation: The Code of Ethics requires registrants to disclose any personal interest they may have in a real estate transaction to all other parties in writing. This ensures transparency and avoids conflicts of interest, upholding the principles of fair dealing and integrity.
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.