Humber/Ontario Real Estate Course 2 Exam Practice

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Prepare for the Humber/Ontario Real Estate Course 2 Exam with our comprehensive quiz that covers essential concepts and topics. Enhance your understanding with multiple choice questions designed to test your knowledge and boost your confidence before the exam.

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

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What do a seller representation agreement and a buyer representation agreement have in common?

Both detail the buyer's responsibility to pay remuneration
Both forms include a provision relating to the Consumer Reporting Act
Both include a holdover provision
The seller representation agreement sets out detailed procedures concerning multiple representation, which is not the case with the buyer representation agreement

The correct answer is: Both detail the buyer's responsibility to pay remuneration

A seller representation agreement and a buyer representation agreement both detail the buyer's responsibility to pay remuneration. This means that both agreements outline the obligations of the buyer when it comes to compensating their real estate representative for their services. This is a crucial similarity between the two types of representation agreements. Option B is incorrect because not all buyer representation agreements necessarily include a provision relating to the Consumer Reporting Act. Option C is incorrect as not all buyer representation agreements include a holdover provision. Option D is incorrect because the statement that the seller representation agreement sets out detailed procedures concerning multiple representation, which is not the case with the buyer representation agreement, is incorrect. Multiple representation procedures may also be included in a buyer representation agreement, making this statement inaccurate.