Humber/Ontario Real Estate Course 4 Exam Practice

Which statement is correct regarding a buyer representation agreement?

1. When completing 'Property Type,' the description might only involve a specific address for one property.

2. When completing 'Geographic Location,' a salesperson should avoid using municipal boundaries; e.g., the City of Anycity.

3. A buyer cannot sign two buyer representation agreements with different brokerages for the same time period.

4. When signing a buyer representation agreement, the buyer is not responsible to inform the brokerage of any property they see that meets the criteria.

The correct answer is: When completing 'Property Type,' the description might only involve a specific address for one property.

The correct statement regarding a buyer representation agreement is that when completing the 'Property Type' section, the description might only involve a specific address for one property. This means that the agreement can be specific to a single property address, which is important for defining the scope of the agreement between the buyer and the real estate brokerage. Option B is incorrect because when completing the 'Geographic Location' section, it is acceptable to use municipal boundaries to define the area of interest, such as specifying the City of Anycity. Option C is incorrect because a buyer can sign multiple buyer representation agreements with different brokerages for the same time period. However, it is essential to understand the terms of these agreements to avoid conflicts of interest. Option D is incorrect because when a buyer signs a representation agreement, they are responsible for informing the brokerage of any properties they come across that meet the criteria outlined in the agreement. Communication between the buyer and the brokerage is crucial for a successful real estate transaction.