Chapter 7 – Representing the Buyer

Question 1

In the context of buying a property, ______ are those essential features in a property which a buyer must have. ______ refer to optional items that a buyer would like to have, if available and affordable.

Answer 1

needs; Wants

Question 2

What is a buyer’s kit?

Answer 2

A package of information that is assembled in preparation for meeting with a prospective buyer

Question 3

The presentation of the offer to the seller is, in most instances, done by the ________ in Saskatchewan.

Answer 3

listing salesperson

Question 4

A real estate transaction is not complete until:

Answer 4

the buyers have fully paid the purchase price and have legal possession of the property.

Question 5

In ________, the real estate brokerage is representing both the buyer and the seller, which requires the informed consent of both parties.

Answer 5

limited dual agency

Question 6

To comply with the Financial Transactions and Reports Analysis Centre of Canada’s (FINTRAC) Identification Verification Requirements, copies of ________ and _________ must be included with every real estate transaction.

Answer 6

the Individual Identification Information Record; Receipt of Funds Record

Question 7

The offer of purchase is not binding until its _______ has been communicated to the buyers.

Answer 7

acceptance

Question 8

A valid exclusive buyer’s brokerage contract, including extensions, cannot exceed _______ months.

Answer 8

twelve

Question 9

_______ refers to the task of finding the right buyer for the right property by matching the buyer’s wants and needs to the features of the property.

Answer 9

Qualifying the buyer

Question 10

Once a buyer agency relationship has been established, the registrant owes _______, ________, and ________ obligations to the buyer.

Answer 10

fiduciary; contractual; tort