Please answer correctly, I had to ask this multiple choice questions three times
ID: 412505 • Letter: P
Question
Please answer correctly, I had to ask this multiple choice questions three times
Buyer Anderson signs an OREA Buyer Representation Agreement with ABC Realty Inc. Anderson does not want to pay commission, but is interested in purchasing a home at 99 Mill Street that is being sold by the owner privately. Anderson's salesperson discusses this with Stewart, the property owner, who agrees to 17 sign the OREA Seller Customer Service Agreement with ABC Realty Inc and pay ABC Realty the ful commission of 2.5%. The agreement runs from May 12th to May 30th with a holdover period ending on July 31st. Anderson views the property on May 15th and makes an offer the same day that is accepted on May 16th. The August 2nd completion date is fast approaching but Stewart has not found another home to move into. Would ABC Realty Inc. be owed commission and why, from Stewart the owner of 99 Mill Street, if the transaction never closes because Stewart cannot find another home to move into? Yes, because the buyer indicated he did not want to pay a commission, the seller is obligated, regardless of who caused the sale not to close No, because the seller was selling privately when Anderson saw the property, the seller is not obligated to pay commission unless the sale closes. Yes, because the Seller Customer Service form signed by Stewart would obligate him to pay a commission if the reason the sale did not complete was his fault. No, because the closing date agreed to in the Agreement of Purchase and Sale is after the holdover period identified in the Seller Customer Service Agreement. a b c d Mary Brown has signed a Listing Agreement with ABC Realty Inc. and Nick Sheldon is the listing salesperson. Simon Ng has signed a buyer customer service agreement with the same brokerage, but is being provided customer services by a different salesperson at ABC Realty Inc If Simon wanted to make an offer on Mary's property, what does the Real Estate and Business Brokers Act, 2002, require ABC Realty Inc. to do regarding the disclosure of the relationships the broke both Mary and Simon? 18 rage has with a Before any offer is presented, ABC Realty Inc. is required to obtain a written acknowledgement from both b Before any offer is signed, ABC Realty Inc. is required to obtain written acknowledgement that it is providing c Before Simon is asked to sign an offer, ABC Realty Inc. must obtain written permission from Mary allowing d Before any offer is presented to either Simon or Mary, ABC Realty Inc. is required to provide a written Mary and Simon that they are working under multiple representation customer services to both Mary and Simon. the brokerage to provide customer services to Simon disclosure which identifies the nature of the relationship ABC Realty Inc. has with both.Explanation / Answer
Answer d. SInce ABC Reality Inc is dealing with Simon and Mary through different agents, it should specify clearly to both the parties what kind of relationship it has with both, to avoid any future conflict of interest.