In Ontario, under what circumstances can a real estate salesperson modify the terms of a signed Agreement of Purchase and Sale without obtaining new signatures from all parties?
Correct Answer
B) Under no circumstances
Under TRESA and RECO regulations, a salesperson cannot modify any terms of a signed Agreement of Purchase and Sale under any circumstances. All changes must be made through properly executed amendments with signatures from all parties, ensuring legal validity and preventing unauthorized alterations.
Why This Is the Correct Answer
Under TRESA and RECO regulations, real estate salespersons have no authority to modify any terms of a signed Agreement of Purchase and Sale under any circumstances. The contract becomes legally binding upon execution, and any changes require a formal amendment process with signatures from all parties. This absolute prohibition protects contract integrity, prevents unauthorized alterations, and ensures compliance with professional standards. Even seemingly minor changes could have significant legal implications and must follow proper amendment procedures.
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Previous Question
An Ontario Agreement of Purchase and Sale makes time of the essence and allows time limits to be extended only by written agreement of the seller and buyer or their lawyers. It also says that if the seller is unable or unwilling to remove a valid title objection that the buyer will not waive, the agreement is at an end and the deposit is returned. The buyer's lawyer delivers a valid title requisition on time, and the day before closing the seller's lawyer admits the defect cannot be cleared by then. Which statement is correct?
Next Question
In Ontario, a seller wants to end an exclusive listing agreement before its expiry date, even though the brokerage has not breached it. What governs whether, and on what notice, the seller can do so?