Humber/Ontario Real Estate Course 4 Exam Practice

What responsibility does the buyer have according to a buyer customer service agreement?

1. Ensure all patent defects are understood

2. Independently verify the property's condition

3. Pay the brokerage a remuneration fee

4. Agree to an exclusive arrangement with the brokerage

5. Handle property defects through the brokerage

6. Consult the brokerage for property evaluations

The correct answer is: Independently verify the property's condition

The buyer's responsibility to independently verify the property's condition is central to the buyer customer service agreement. This emphasizes the importance of buyer due diligence in the real estate transaction process. Buyers are encouraged to engage professionals, such as home inspectors, to assess the property's state and uncover any potential issues that might not be visible at first glance. This responsibility is crucial because it empowers buyers to make informed decisions by understanding the true condition of the property they are interested in purchasing. While the other responsibilities listed represent important aspects of the buyer-broker relationship, they do not specifically highlight a buyer's duty to actively seek verification of the property’s condition. Understanding this component helps buyers take proactive steps to protect their interests and ensures they fully comprehend their engagement with the property in question.