The correct answer is “zero”. You have never, ever been licenced in Ontario to practice real estate. You may have a driver’s licence, a fishing licence or a hunting licence, …
Confirmation of Cooperation and the Missing Commission
Let’s assume that you have a Buyer Representation Agreement (BRA) in place which enables you to charge your client 2.5%. Then, you come across a property on MLS. It says …
Confirmation of Acceptance: Improperly Completed
COA incorrect It’s important to make sure that the Confirmation of Acceptance (COA) is properly completed. Here’s an interesting scenario. Bob the Buyer submits an Offer which is open until …
Title Searches: Yes or No
I am trying to determine whether the failure to conduct a title search amounts to negligence on the part of an agent. The law is always changing, and I know …
TRESA: Competing Offers Website
When you are acting for a Seller and there are several competing Offers, you are under an obligation to disclose the number and certain other matters concerning those Offers. If …
TRESA: Sharing of Offers
Question: The new TRESA legislation appears to allow the Listing agent to share Offer content with others who have made Offers. Is there anyone else? Answer: Actually, “yes”, the content …
TRESA: Documenting the Commission Reduction
If you were the Listing agent and you had an arrangement with your Seller where in certain circumstances, the overall commission payable may be reduced, then you would be under …
TRESA: Agreements Relating to Commission
This provision is essential intact. It used to be in the Code of Ethics and now it has been moved over to the General Regulation. Here is what is says: …
TRESA: Client
The definition of client under TRESA is as follows: “1. (1) In the Act and the regulations, “client” means, (a) with respect to a brokerage and a trade in real estate, …
TRESA: Short Forms
Remember, there are some new short forms: TRESA Trust in Real Estate Services Act RA representation agreement BRA brokerage representation agreement BRA buyer representation agreement DRA designated representation agreement …