Humber/Ontario Real Estate Course 4 Exam Practice

A salesperson involved in a property sale wants to accept a commission from an external source. They must:

1. Obtain written consent from their brokerage

2. Notify the seller's agent

3. Ensure full disclosure to parties involved

4. Get approval from the Real Estate Council of Ontario

5. Verify the legality with a legal expert

6. Receive direct instructions from their employing brokerage

The correct answer is: Ensure full disclosure to parties involved

The correct answer is based on the principle of full disclosure and transparency in real estate transactions. When a salesperson is considering accepting a commission from an external source, it is crucial to ensure that all parties involved are fully aware of this arrangement. This promotes trust and protects the interests of the buyer and seller by preventing any potential conflicts of interest from arising. Full disclosure allows everyone involved to understand the nature of the transaction and the relationships at play, ensuring they can make informed decisions. It is essential for maintaining ethical standards in the profession and complying with regulations that govern real estate practices. While other options may seem relevant, they do not specifically emphasize the need for complete transparency to all parties, which is the key aspect of this requirement. Other considerations, such as obtaining consent from the brokerage or seeking legal advice, may be wise steps, but none replace the critical need for full disclosure to all parties affected by the transaction.