Humber/Ontario Real Estate Course 1 Exam Practice

How is an individual who lists their property for sale commonly referred to by the brokerage, except?

1. Client

2. Customer

3. Owner

4. Vendor

The correct answer is: Customer

In real estate terminology, an individual who lists their property for sale is commonly referred to as a "Client" by the brokerage. This is because when someone lists their property with a brokerage, they enter into a client relationship where the brokerage owes them certain fiduciary duties and obligations. While the terms "Owner," "Vendor," and "Client" all refer to the individual listing the property for sale, "Customer" is not the correct term in this context. A customer, in real estate, typically refers to someone who is interested in purchasing or viewing a property but has not yet entered into a formal relationship with the brokerage. In contrast, a client relationship is more formal and involves specific responsibilities and duties owed by the brokerage to the individual listing the property.