Ontario Real Estate Licensing Exam Practice · Question
Which of the following is a key element that must be included in a representation agreement according to TRESA regulations?
TRESA requires representation agreements to include specific disclosures regarding designated representation and possible multiple representation, along with th
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Question: Which of the following is a key element that must be included in a representation agreement according to TRESA regulations?
Answer options:
- The estimated closing costs for the client. ✅ A statement explaining designated representation and multiple representation, and requiring the client's consent for designated representation.
- The minimum acceptable offer price for sellers.
- A list of all potential buyers the salesperson plans to contact.
Correct answer: A statement explaining designated representation and multiple representation, and requiring the client's consent for designated representation.
Explanation: TRESA requires representation agreements to include specific disclosures regarding designated representation and possible multiple representation, along with the client's required consent for designated representation.
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