Under TRESA's regulations, an Ontario brokerage represents a seller and is also providing services to a buyer who has made a written offer on the property. When must the brokerage disclose this to every other buyer who makes a written offer?
Correct Answer
D) As soon as possible, and before any offer is accepted
O. Reg. 567/05 s. 22.0.3 requires a brokerage that provides services to both a seller and a buyer in the same trade to disclose that fact to every other buyer who makes a written offer, as soon as possible after receiving the buyer's written offer and before an offer is accepted. The brokerage must also make best efforts to get a written acknowledgement of the disclosure from each of those buyers.
Why This Is the Correct Answer
This answer is correct because s. 22.0.3 requires the disclosure to be made as soon as possible after the brokerage receives its buyer's written offer and before any offer is accepted. That timing lets the other buyers decide how to proceed while the outcome is still open.
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Under Ontario's Trust in Real Estate Services Act, 2002 (TRESA), what is required before a brokerage may represent both the buyer and the seller in the same trade?
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