Humber/Ontario Real Estate Course 4 Exam Practice

What typically accompanies a seller representation agreement?

1. A province-wide standardized wording.

2. A data sheet with property details.

3. A written agreement signed by both seller and brokerage.

4. A written agreement signed by the seller but not the brokerage.

5. An outline of legal obligations of the seller.

6. A list of potential buyers.

The correct answer is: A data sheet with property details.

The most accurate answer to this question focuses on the essential components of a seller representation agreement. Typically, this agreement is accompanied by a written agreement signed by both the seller and the brokerage. This mutual agreement defines the terms of the relationship, outlines the responsibilities of both parties, and formalizes the representation of the seller by the brokerage. The inclusion of a data sheet with property details is common in practice, but it is not a standard requirement that accompanies all seller representation agreements. Instead, having a signed agreement ensures that both parties acknowledge their roles and commitments, which is fundamental to any real estate transaction. This signed document serves not only to confirm the engagement of the brokerage by the seller but also provides important legal protection and clarity regarding the expectations of both parties involved in the transaction. It encompasses aspects such as commission agreements, duration of the listing, and specific services to be provided—elements crucial in establishing a professional relationship.