Under TRESA's regulations, a registrant listing a property for a client personally owns a share of that property. When must the registrant disclose this interest to the client and to every person making an offer?
Correct Answer
B) As soon as the registrant knows, and before any offer is made
O. Reg. 567/05 s. 22.9 requires a registrant who represents a client and knows of a property interest the registrant has in the real estate to disclose it to the client and to every person making or receiving an offer, describing the interest, as soon as the registrant knows or ought to know of it and in any event before any offer is made. Because the registrant is also selling their own interest, TRESA s. 32 requires written notice acknowledged in writing by the other parties.
Why This Is the Correct Answer
This answer is correct because s. 22.9(3) of O. Reg. 567/05 requires the disclosure as soon as the registrant knows or ought to know of the interest and, in any event, before any offer is made. That timing lets the client and every person making an offer factor the registrant's interest into their decisions.
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