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.
Why This Is the Correct Answer
Written notice to the seller, disclosing registrant status and the facts affecting value, with written acknowledgement before the offer, is exactly what TRESA s. 32(1) and (2) require. The notice goes to the other parties to the agreement, here the seller, and the acknowledgement must be in writing.
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