Humber/Ontario Real Estate Course 4 Exam Practice

What detailed information should be included in an exclusive listing agreement?

1. Property maintenance history

2. Specific services provided

3. Sales commission structure

4. Property owner obligations

5. Mortgage payment terms

6. Property location details

The correct answer is: Specific services provided

An exclusive listing agreement is a contract between a property owner and a real estate agent that outlines the terms of representation for selling a property. Including specific services provided in the agreement is crucial because it clarifies the responsibilities and duties that the real estate agent will undertake on behalf of the seller. This might include marketing strategies, open houses, communication protocols, and any additional services that can enhance the property's visibility and appeal to potential buyers. The clarity about the specific services helps manage expectations between the property owner and the agent, ensuring both parties understand what will be done to facilitate the sale. Moreover, a well-defined scope of services can lead to a more effective partnership, as it holds the agent accountable for delivering those services, ultimately contributing to a successful sale. Other options, while important in their own contexts, do not capture the foundational understanding of what distinguishes an exclusive listing agreement. Property maintenance history, mortgage payment terms, and property owner obligations, for example, may be relevant to the overall transaction but do not specifically outline the scope of the relationship between the agent and the property owner within the context of the listing agreement. Sales commission structure might be included, but it represents the financial arrangement rather than the operational duties expected from the agent. Lastly, property location details are