Under Ontario's regulations under TRESA, what information must be included in a brokerage's written agreement with a buyer or seller client?
Correct Answer
B) Services to be provided, remuneration, and duration of agreement
O. Reg. 567/05 s. 13.4 bars a brokerage from entering a written agreement with a buyer or seller unless it clearly sets out, among other things, the services the brokerage will provide, how its remuneration is determined and paid, and the dates the agreement takes effect and expires. The expiry date must appear prominently on the first page and be initialled by the client.
Why This Is the Correct Answer
This answer matches the core of O. Reg. 567/05 s. 13.4: the services the brokerage will provide, how its remuneration is determined and paid, and the agreement's start and expiry dates. The expiry date must also be prominent on the first page and initialled by the client.
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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?
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