Under TRESA in Ontario, what must a salesperson do before providing services to a prospective seller of a commercial property?
Correct Answer
B) Provide and explain the RECO Information Guide
Under O. Reg. 567/05 under TRESA, before providing services or assistance in a trade, a registrant must give the person the information guide prepared by the registrar (a copy or a link on RECO's website), and a broker or salesperson must explain its contents (s. 13(3), (4)). This applies to commercial trades as well. A seller representation agreement may start orally, but the brokerage must put it in writing and give it to the seller for signature before any buyer makes an offer (s. 13.5).
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Under the Real Estate Services Act (RESA) in BC, what is the minimum licence needed to provide trading services for commercial real estate?
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A salesperson represents a buyer client who is acquiring an Ontario commercial building. Under O. Reg. 567/05 made under TRESA, what must the salesperson do with the material facts relating to the acquisition?