The Ontario Real Estate Association has made two new additions to its tutorial library to help members become more familiar with the wealth of standard forms OREA produces. Standard forms are central to staying in compliance with industry rules and regulations. The latest tutorials provide an overview of Form #610: Disclosure of Benefit/Payment to Registrant and Form#225: Seller Property Information Statement (Important Information for Sellers).
Form #610 applies to REALTORS® who receive a benefit or incentive such as a finder’s fee from an industry third party. Documentation of incentives is necessary in order to stay in compliance with the Real Estate Business and Brokers Act 2002 and the Code of Ethics.
Form #225, possibly a lesser known form, allows Realtors to obtain a seller’s acknowledgement that they understand the purpose and use of the Seller Property Information Statement. Getting into the practice of reviewing and having a client sign form 225 prior to the Seller Property Information Statement enables members to ensure that they have fulfilled an important duty to their client.
The two new tutorials can be accessed by members at any time through logging on to OREA’s webinar and tutorial landing page and scrolling to the “Archive Videos” section. Members with additional questions are encouraged to contact OREA’s Standard Forms team at email@example.com.