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?
Correct Answer
B) The termination terms, if any, set out in the listing agreement itself
TRESA and its regulations give no statutory right to cancel a listing on 48 hours' or any other notice. O. Reg. 567/05 s. 13.4(1) instead requires every written representation agreement to set out clearly and prominently the terms related to termination, if any. Early termination therefore depends on what the listing agreement says, or on the brokerage agreeing to release the seller.
Why This Is the Correct Answer
Under O. Reg. 567/05 s. 13.4(1), para. 1 vii, a representation agreement must clearly, comprehensibly and prominently set out the terms related to termination, if any. No statute supplies a separate notice period, so the listing agreement's own termination terms control, along with any release the brokerage agrees to.
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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?
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