Humber/Ontario Real Estate Course 4 Exam Practice

Which of the following is NOT a similarity between a buyer and a seller representation agreement?

1. Both forms set out disclosure requirements regarding finder's fees.

2. Both include a general description of property type.

3. Commencement and expiry dates are included in both.

4. The topic of use/distribution of information is discussed in both.

The correct answer is: Both include a general description of property type.

The choice indicating that a general description of property type is not a similarity between buyer and seller representation agreements is indeed insightful. While it's common for both types of agreements to outline the type of representation being provided, they might not necessarily specify a general description of the property type in the same manner. In a buyer representation agreement, the focus is typically on the types of properties the buyer is interested in acquiring, such as residential, commercial, or investment properties. On the other hand, a seller representation agreement usually concentrates more on the specific property that the seller wishes to list. Therefore, while both agreements serve to clarify their respective roles in the transaction process, the particular emphasis on a "general description of property type" may not be uniformly addressed in both agreements. The other elements mentioned, such as disclosure requirements regarding finder's fees, commencement and expiry dates, and the discussion of the use/distribution of information, are indeed common features in both buyer and seller agreements, as they ensure transparency and clarity in the agency relationship.