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?
Correct Answer
A) Take reasonable steps to find them and disclose them to the buyer client
Section 22.1(1) of O. Reg. 567/05 requires a broker or salesperson representing a client in an acquisition or disposition to take reasonable steps to determine the material facts, disclose them to the client as soon as possible, and advise the client to consider whether they affect the decision. The rule applies to any interest in real estate, commercial included, and the duty runs to the client, not to every party.
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