Humber/Ontario Real Estate Course 3 Exam Practice

What is required under the REBBA Code of Ethics regarding written acknowledgment from the buyer?

1. The buyer must sign an acknowledgment before properties can be shown.

2. The buyer must sign an acknowledgment if they are being represented, but not for a customer service agreement.

3. The salesperson must use their best efforts to obtain written acknowledgment from the buyer.

4. Written acknowledgment is needed only after an offer is submitted.

The correct answer is: The salesperson must use their best efforts to obtain written acknowledgment from the buyer.

The requirement under the REBBA Code of Ethics emphasizes that the salesperson must use their best efforts to obtain written acknowledgment from the buyer regarding the agency relationship. This provision is important as it ensures that buyers are made aware of the representation they are receiving and understand the implications of the contractual obligations that arise from this relationship. This requirement underscores the protection of client interests and promotes transparency in real estate transactions. By actively seeking this acknowledgment, salespersons establish clear communication and trust with their clients, which is essential for a professional and ethical practice. This acknowledgment also assists in ensuring that both parties are aligned in terms of expectations and responsibilities throughout the transaction process. In the context of the other options, the distinction is that the acknowledgment isn't solely conditional upon showing properties, representing clients, or after an offer is submitted. Instead, the proactive approach mandated by the Code reinforces the importance of continuous communication and awareness about the relationship between the buyer and the real estate professional.