Humber/Ontario Real Estate Course 1 Exam Practice

Disable ads (and more) with a membership for a one time $2.99 payment

Prepare for the Humber/Ontario Real Estate Course 1 Exam with our comprehensive quiz. Test your understanding with multiple choice questions and detailed explanations. Build confidence and knowledge for a successful exam experience!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

What is required for a real estate broker to include in a seller representation agreement?

Only a percentage-based commission fee.
A choice between a flat fee or percentage, not both.
Permission from RECO for combined commission types.
A flat fee if the selling price exceeds a certain threshold.
Both a percentage and a flat fee with seller's consent.
The brokerage's minimum fee guideline.

The correct answer is: Both a percentage and a flat fee with seller's consent.

In a seller representation agreement, a real estate broker is required to include both a percentage-based commission and a flat fee with the seller's consent. This option (E) reflects the standard practice in real estate transactions where the seller agrees to pay a commission as a percentage of the sale price and a flat fee. This ensures that the broker is compensated for their services regardless of the final selling price of the property. The other options do not fully reflect the typical elements included in a seller representation agreement.