Humber/Ontario Real Estate Course 3 Exam Practice

What should a salesperson disclose according to the REBBA Code of Ethics when a seller disclosure statement exists?

1. Details only to buyers who have submitted an offer.

2. Information to all parties involved in other transactions.

3. That the disclosure statement is available to interested buyers.

4. The statement within a seven-day period of any inquiry.

5. The statement only after a legal consultation.

6. The statement upon the request of the seller.

The correct answer is: Details only to buyers who have submitted an offer.

The correct response to the question about what a salesperson should disclose according to the REBBA Code of Ethics when a seller disclosure statement exists is that the salesperson should inform interested parties that the disclosure statement is available to them. This aligns with the principle of transparency and upholding the duty of care to clients and potential buyers. By indicating that the disclosure statement can be accessed by interested buyers, the salesperson fosters an environment of trust and provides buyers with the necessary information to make informed decisions regarding the property. This practice not only adheres to ethical standards but also aligns with legal expectations while promoting a fair and open real estate transaction process. In contrast, the other choices either limit the dissemination of this important information or impose conditions that do not align with the intent of the ethical guidelines. For instance, confining details to buyers who have submitted an offer undermines transparency before an offer is made, while stating that the disclosure must only be shared upon legal consultation could unnecessarily complicate straightforward transactions. Overall, ensuring that interested parties know they can access the disclosure statement aligns with ethical obligations to provide relevant information to potential buyers and helps support fair dealings in real estate transactions.