Ontario Real Estate Licensing Exam Practice · Question
A real estate salesperson is presenting an exclusive listing agreement to a seller. Which of the following statements regarding the duration of this agreement is compliant with REBBA requirements?
REBBA 2002 and its regulations require that all representation agreements, including exclusive listing agreements, have a specific expiry date. Automatic renewa
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Question: A real estate salesperson is presenting an exclusive listing agreement to a seller. Which of the following statements regarding the duration of this agreement is compliant with REBBA requirements?
Answer options: ✅ The agreement must have a specified expiry date.
- The agreement can automatically renew if not cancelled by either party.
- The agreement can be for an indefinite period, as long as both parties agree.
- The agreement must specify a minimum duration of at least 90 days.
Correct answer: The agreement must have a specified expiry date.
Explanation: REBBA 2002 and its regulations require that all representation agreements, including exclusive listing agreements, have a specific expiry date. Automatic renewal clauses are prohibited to protect consumers and ensure active consent for continued representation.
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