An Ontario salesperson wants to buy a property listed by their own brokerage. Under TRESA, what must happen before the salesperson makes an offer?
Correct Answer
D) A written notice to the seller disclosing registrant status and value facts, acknowledged in writing
TRESA s. 32 bars a registrant from acquiring an interest in real estate, or offering to, unless the registrant first delivers a written notice to all other parties to the agreement and those parties acknowledge receipt in writing. The notice must state that the person is a brokerage, broker or salesperson and fully disclose all facts within their knowledge that affect the value of the property. The Act requires no filing with RECO.
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