Humber/Ontario Real Estate Course 2 Exam Practice

In a buyer representation agreement, what obligation does the buyer have?

1. The buyer must disclose any defects in the property they wish to buy.

2. The buyer must use the services of the real estate brokerage exclusively.

3. The buyer must allow the brokerage to inspect the property.

4. The buyer must inform the brokerage of their financial situation.

The correct answer is: The buyer must use the services of the real estate brokerage exclusively.

In a buyer representation agreement, the buyer's obligation to use the services of the real estate brokerage exclusively is crucial. This means that the buyer agrees to work solely with the brokerage in their property search and purchase process. This exclusive arrangement helps maintain a clear and transparent relationship between the buyer and the brokerage, ensuring that all parties understand their roles and responsibilities throughout the transaction. Options A, C, and D are not correct because: A. The buyer disclosing defects in the property they wish to buy is typically the responsibility of the seller, not the buyer. C. Allowing the brokerage to inspect the property is generally not a requirement for the buyer in a buyer representation agreement. D. While the buyer's financial situation may be relevant in the transaction, it is not typically a specific obligation outlined in the buyer representation agreement.