An Ontario brokerage is signing a written seller representation agreement to list a commercial plaza. Under O. Reg. 567/05 made under TRESA, which requirement applies to the agreement's expiry date?
Correct Answer
B) It must be shown prominently on page one and initialled by the seller
Section 13.4(1) of O. Reg. 567/05 requires every written agreement between a brokerage and a buyer or seller to state its effective and expiry dates, display the expiry date prominently on the first page, and have the client initial next to it; s. 13.4(2) allows only one expiry date. The regulation sets no maximum term for commercial or residential agreements.
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