Ontario Real Estate Licensing Exam Practice · Question
Which of the following is a mandatory component that must be included in a representation agreement in Ontario?
According to the Trust in Real Estate Services Act (TRESA) and its regulations, a representation agreement must clearly outline the duties and obligations of th
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Question: Which of the following is a mandatory component that must be included in a representation agreement in Ontario?
Answer options: ✅ A description of the duties and obligations of the brokerage and the client.
- The commission rate or fee for services expressed as a percentage only.
- A clause guaranteeing the sale of the property within a specific timeframe.
- A provision for automatic renewal of the agreement.
Correct answer: A description of the duties and obligations of the brokerage and the client.
Explanation: According to the Trust in Real Estate Services Act (TRESA) and its regulations, a representation agreement must clearly outline the duties and obligations of the brokerage and the client to ensure transparency and understanding of the relationship.
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