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).
Why This Is the Correct Answer
This answer is correct because s. 13(3) and (4) of O. Reg. 567/05 require a registrant, before providing services or assistance, to give the person the RECO Information Guide (a copy or a link) and require a broker or salesperson to explain its contents. That is the minimum disclosure step before any work for a prospective commercial seller begins.
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