Under TRESA, what term does Ontario use for a party to a trade who is not represented by a registrant?
Correct Answer
B) A self-represented party
TRESA and the Code of Ethics (O. Reg. 365/22, s. 10) use 'self-represented party', and O. Reg. 567/05 s. 1(5) defines it for a trade as a party who is not a client. 'Customer' survives in O. Reg. 567/05 only in s. 43, a transition rule for agreements made before TRESA phase 2 took effect on December 1, 2023. 'Unrepresented party' is British Columbia's term.
Why This Is the Correct Answer
'Self-represented party' is the term TRESA and the Code of Ethics use. It is defined as a party who, for the trade in question, is not a client, and the Code's s. 10 restrictions on advice apply to that person.
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A seller's salesperson in Ontario is dealing with a buyer who has no representative. Under the Code of Ethics, how must the salesperson treat this self-represented buyer?
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