Humber/Ontario Real Estate Course 2 Exam Practice

What does REBBA use the term 'disclosure' to refer to?

1. The process of representing customer interests without bias.

2. The act of declaring known materially relevant facts about a property.

3. The formal process of signing listing agreements.

4. The mechanism for resolving disputes between buyers and sellers.

5. The recognition of a non-agency relationship.

6. The registering of properties with regulatory bodies.

The correct answer is: The act of declaring known materially relevant facts about a property.

REBBA, which stands for the Real Estate and Business Brokers Act, uses the term 'disclosure' to refer to the act of declaring known materially relevant facts about a property. This is a crucial aspect of real estate transactions to ensure transparency and protect all parties involved. It helps potential buyers make informed decisions and prevents any misunderstandings or disputes down the line. Options A, C, D, E, and F are not correct as they do not accurately define what 'disclosure' refers to under REBBA.