June 6th - 2003

Risks and rewards of OREA standard forms

The forms are standard and you see them all the time; in fact, you may scarcely notice the wording any more, even if some of it has changed.

The forms are standard and you see them all the time; in fact, you may scarcely notice the wording any more, even if some of it has changed. But you may not realize the importance of reading, understanding and being able to explain the content of forms such as the Buyer Agency Agreement, the Listing Agreement, the Agreement of Purchase and Sale, and others.

“Improper use or explanation of the forms can be risky,” says Geof Smith, a long-time Associate Broker and OREA instructor. “You may risk being sued, losing commissions, having deals fall through, or being brought before a RECO ethics hearing and having your name publicized. RECO members have an obligation under our code of ethics to know the contents of these forms and to be able to explain them to buyers and sellers.”

OREA’s latest Continuing Education course covers the most frequently asked questions about many of the preprinted forms used in the real estate business. By taking the course, REALTORS will learn to:

  • understand the content and use of various OREA standard forms;
  • understand how to fulfill your agency obligations by using the appropriate forms;
  • protect your clients and yourself by the proper use of standard forms;
  • identify RECO's minimum requirements for the use of standard forms; and
  • explain the wording of selected clauses (such as a seller’s warranty vs. a buyer’s condition) and learn how to use them to your client’s advantage.

“REALTORS who have taken the course have been surprised at the actual wording of some of the contracts they are asking clients to sign, which means the clients are not necessarily aware of what they are signing either,” says Smith.

OREA Standard Forms helps keep your knowledge current, and earns you three Continuing Education Units (CEUs). For more information or to register for a classroom or interactive online course, visit the Continuing Education section of the OREA web site at www.orea.com.

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For more information contact

Ontario Real Estate Association

Jean-Adrien Delicano

Manager, Media Relations

JeanAdrienD@orea.com

416-445-9910 ext. 246

Ontario Real Estate Association
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