When representing a buyer, what is a real estate agent's primary fiduciary duty?
Correct Answer
C) To act in the buyer's best interests and maintain confidentiality
Under buyer representation, the agent owes fiduciary duties to the buyer including loyalty, confidentiality, and acting in the buyer's best interests. This means protecting the buyer's confidential information and advocating for their position in negotiations.
Why This Is the Correct Answer
Option C correctly identifies the core fiduciary duties owed to a buyer client under Canadian real estate legislation. TRESA and provincial regulations establish that buyer representatives must act with loyalty, confidentiality, and in the buyer's best interests. This includes protecting confidential information about the buyer's financial capacity, timeline, and negotiating position while advocating for favorable terms. The agent's primary obligation is to the buyer client, not to other parties in the transaction.
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- → A buyer's lawyer requests a status certificate and pays the fee on May 1. The corporation never delivers it. After closing, the corporation claims the seller owed $3,000 in common expense arrears and demands it from the buyer, who relied on the silence. What is the effect under s. 76 of the Condominium Act, 1998?
- → A status certificate delivered to a buyer omits a $4,000 special assessment that the board levied against the unit after the current budget date to increase the reserve fund. The buyer relied on the certificate and closed. Under the Condominium Act, 1998, what is the result?
- → A seller's salesperson is estimating the buyer's costs of reviewing an Ontario condominium unit's status certificate. What is the most the corporation may charge for providing the certificate?
- → A listing salesperson expects offers next week on a resale condominium unit and knows buyers will want the status certificate. By when must the corporation give a status certificate once it is requested?
- → An investor buyer wants to know how many units in a condominium building were rented last year before making an offer. Which document must state the number of units for which the corporation received lease notices during the preceding fiscal year?
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- → A buyer reviewing a status certificate asks what the condominium's reserve fund may be spent on. Under the Condominium Act, 1998, what is the permitted purpose?
- → An established Ontario condominium corporation completed its most recent reserve fund study in 2024. Under O. Reg. 48/01, when must it complete its next reserve fund study?
- → A buyer's status certificate shows that the corporation received a new reserve fund study two months ago, and the board has not yet sent owners anything about it. What does the Condominium Act, 1998 require of the board?
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