Ontario Real Estate Licensing Exam Practice · Question
Under the Trust in Real Estate Services Act (TRESA) 2023, what is a key change regarding the disclosure of multiple offers to a seller?
TRESA 2023 introduces changes allowing the seller to provide direction to their brokerage regarding the disclosure of offer details. The seller can choose to di
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Question: Under the Trust in Real Estate Services Act (TRESA) 2023, what is a key change regarding the disclosure of multiple offers to a seller?
Answer options:
- Salespersons are now prohibited from disclosing the content of any offer to competing buyers.
- Salespersons must disclose the number of offers, but not their content, to all registered buyers if directed by the seller. ✅ The seller can now direct the brokerage to disclose only the number of offers or specific terms of offers to competing buyers.
- All offers, including their content, must be disclosed to all registered buyers prior to presentation to the seller.
Correct answer: The seller can now direct the brokerage to disclose only the number of offers or specific terms of offers to competing buyers.
Explanation: TRESA 2023 introduces changes allowing the seller to provide direction to their brokerage regarding the disclosure of offer details. The seller can choose to disclose the number of offers or specific terms to competing buyers, as outlined in the updated regulations regarding multiple offers.
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