Humber/Ontario Real Estate Course 4 Exam Practice

What form is used to transfer a seller representation agreement to another brokerage?

1. An assignment form

2. A cancellation form

3. A contractual adjustment form

4. A holdover clause form

The correct answer is: An assignment form

The form utilized to transfer a seller representation agreement to another brokerage is the assignment form. This form serves as the legal instrument that allows one brokerage to take over the rights and responsibilities outlined in the seller representation agreement from another brokerage. It ensures that the original contract is upheld while permitting a seamless transition of representation for the seller. An assignment form is essential because it clearly documents the transfer of the agreement, includes details about the parties involved, and outlines any specific terms related to the transfer. This ensures all legal obligations are maintained and that the new brokerage can effectively represent the seller under the same agreement. The other forms listed do not fulfill this purpose. For example, a cancellation form would terminate the original agreement rather than transferring it, while a contractual adjustment form would modify terms, and a holdover clause form deals specifically with extending obligations after the contract ends. None of these would facilitate the transfer of an agreement from one brokerage to another as effectively as an assignment form does.