Humber/Ontario Real Estate Course 2 Exam Practice

A buyer representation agreement typically requires which of the following elements?

1. Specific duration of representation

2. Fiduciary duties to be outlined

3. A description of the desired property

4. Full financial details of the buyer

5. Names of all potential buyers in the market

6. Detailed marketing strategies

The correct answer is: Specific duration of representation

A buyer representation agreement typically requires a specific duration of representation because it is essential to outline the timeline during which the real estate agent will represent the buyer. This helps establish the expectations and responsibilities of both parties within a set timeframe. Having a specific duration of representation ensures that the agent and the buyer are clear on the scope of their relationship and the services to be provided. The other options are not typically required elements of a buyer representation agreement. Fiduciary duties may be outlined in the agreement, but this is not a primary requirement. A description of the desired property, full financial details of the buyer, names of all potential buyers in the market, and detailed marketing strategies are not necessary components of a standard buyer representation agreement.