Under TRESA, what is the maximum term for which an Ontario buyer representation agreement may run?
Correct Answer
B) No fixed maximum; the parties set one expiry date
Neither TRESA nor O. Reg. 567/05 caps the length of a buyer representation agreement. Section 13.4 instead requires the agreement to state its effective and expiry dates, show its single expiry date prominently on the first page, and have the buyer initial it, so the buyer knowingly agrees to the term.
Why This Is the Correct Answer
The term is whatever the brokerage and buyer agree. The regulation requires one expiry date (s. 13.4(2)), displayed prominently on the first page and initialled by the buyer (s. 13.4(1) paras 2 and 3), but it sets no maximum.
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