An Ontario salesperson gives a seller client a CMA to help set the list price. Which obligation under the TRESA Code of Ethics (O. Reg. 365/22) most directly applies to the CMA?
Correct Answer
D) Make it accurate, competent and not misleading
The Code of Ethics requires a registrant to make best efforts to ensure representations are accurate and not misleading (s. 5) and to show reasonable knowledge, skill, judgment and competence in providing opinions and advice (s. 9). A CMA is an opinion of value, so these duties apply to it. No regulation prescribes a specific CMA disclaimer, though explaining that a CMA is not a formal appraisal is a sensible way to avoid misleading the client.
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