Humber/Ontario Real Estate Course 2 Exam Practice

What is the primary feature of a buyer representation agreement?

1. Includes a general description of the property sought.

2. Is standardized across all of Ontario.

3. Must be completed and signed by the buyer.

4. Acts as a service agreement.

5. Details the commission structure for the buyer's agent.

6. Requires the seller's approval for viewing properties.

The correct answer is: Must be completed and signed by the buyer.

The primary feature of a buyer representation agreement is that it must be completed and signed by the buyer. This agreement is fundamental in formalizing the relationship between the buyer and their real estate agent, making it clear that the agent is working exclusively for the buyer in their property search and purchase process. Having the agreement signed ensures that both parties understand the expectations and duties involved in the representation. While other aspects of the agreement, such as the general description of the property sought, the commission structure, and the nature of the services provided, are important, the signing of the agreement is a critical step that indicates a legal and binding commitment by the buyer to engage and work with the agent. This clarity in the relationship and expectations helps protect the interests of both the buyer and the agent.