Humber/Ontario Real Estate Course 3 Exam Practice

In a typical buyer representation agreement, what description is necessary?

1. Specific legal address

2. General description of desired property

3. Detailed financial capability

4. History of prior home purchases

5. Inspection requirements

6. Mortgage pre-approval

The correct answer is: General description of desired property

In a typical buyer representation agreement, a general description of the desired property is essential because it helps to define the scope of the representation and sets clear expectations for what the buyer is looking for in their property search. This general description can include criteria such as the type of property (e.g., residential, commercial), desired features (e.g., number of bedrooms or bathrooms), geographical area, and budget range. Having this general description is critical as it allows the real estate professional to tailor their search and representation efforts to best meet the client's needs. This ensures that the buyer's interests are prioritized and leads to a more efficient and focused property search. While other details such as specific legal address, financial capability, or prior purchase history may be relevant in different contexts, they are not fundamental requirements for outlining the buyer's needs at the outset of the representation agreement.