Humber/Ontario Real Estate Course 2 Exam Practice

Which of the following is NOT a minimum requirement for a seller representation agreement under the REBBA Code of Ethics?

1. Inclusion of an effective date and a termination date.

2. Initials of the seller acknowledging an agreement exceeding eight months.

3. Remuneration details payable to the brokerage and any co-operating brokerage.

4. Services provided by the brokerage.

5. The broker's commission rate.

6. The seller's consent to market the property.

The correct answer is: Initials of the seller acknowledging an agreement exceeding eight months.

In a seller representation agreement under the REBBA Code of Ethics, it's essential to include various minimum requirements. These requirements include, but are not limited to, an effective date and a termination date, remuneration details payable to the brokerage and any cooperating brokerage, services provided by the brokerage, the broker's commission rate, and the seller's consent to market the property. However, initialing an agreement exceeding eight months is NOT a minimum requirement for a seller representation agreement under the REBBA Code of Ethics. It is important to remember that the agreement's length should be clearly stated to avoid any misunderstandings between the seller and the brokerage, but the specific need for the seller to initial agreements exceeding eight months is not a mandatory requirement outlined in the REBBA Code of Ethics.