Humber/Ontario Real Estate Course 2 Exam Practice

What should be done by a brokerage before an offer is presented in multiple representation situations?

1. Obtain written permission from the seller client

2. Have written acknowledgment in place from both buyer and seller

3. Ensure the buyer is aware of brokerage duties

4. Guarantee the seller an exclusive contract

5. Secure a waiver from the buyer

6. Notify brokerage's legal team

The correct answer is: Have written acknowledgment in place from both buyer and seller

In multiple representation situations, where a brokerage represents both the seller and the buyer in a real estate transaction, it is crucial to have written acknowledgment in place from both the buyer and the seller before presenting an offer. This written acknowledgment helps ensure transparency, disclosure of potential conflicts of interest, and confirms that both parties are aware of the brokerage's representation of both sides in the transaction. This step helps protect the rights and interests of all parties involved and is an essential best practice in real estate transactions involving multiple representation. Options A, C, D, E, and F do not address the specific requirement for written acknowledgment from both the buyer and the seller, making them incorrect in the context of ensuring proper procedures are followed in multiple representation situations.