OREA FORMS
How familiar are you with the forms that OREA provides to REALTORS® in Ontario?
As you may know, the Ontario Real Estate Association (OREA) is the creator and owner of a set of standardized forms used in Ontario real estate transactions. But did you know that there are over 600 forms? Are you familiar with the most commonly used forms?
Take this quick five-question quiz to find out!
What is the difference between Form 224 (Seller’s Direction re: Property/Offers – Important Information for Seller Acknowledgement) and Form 244 (Seller’s Direction re: Property/Offers)?
You may not have even realized that there is another form associated with Form 244. Form 224 is to be used before, and in conjunction with Form 244.
OREA Form 224 – Seller’s Direction re: Property/Offers – Important Information for Seller Acknowledgement
Form 224 is intended to provide information to the Seller to assist REALTORS® in having a discussion with the Seller regarding any potential directions. It explains the purpose of Form 244 and provides important information about the conveyance of offers and Seller directions under a Listing Agreement. When signed, it obtains the Seller's written acknowledgement they have reviewed and understood the information before any formal directions are given.
OREA Form 244 – Seller’s Direction re: Property/Offers
Form 244 is used to obtain any listed client Seller direction(s) after the Seller has signed Form 224. To ensure clear and explicit direction to the Brokerage. these Seller directions should include sufficient detail, including instructions for “in the event of” or “exception” scenarios. For example, if the Seller states no offers until a specific time and date, the directions should clearly identify the steps to be taken should a pre-emptive offer be received. The level of detail is at the Member’s discretion and is best discussed with your Broker of Record or Manager.
What forms need to be signed when entering into a multi-representation situation?
When you realize you will be entering into a Multi-Representation Agreement with your Buyer and your Seller, you need to have them each sign a document before an offer is written up.
Form 325 (Multiple Representation, Seller - Acknowledgement & Consent Disclosure) needs to be signed by your Seller, and Form 326 (Multiple Representation, Buyer – Acknowledgement & Consent Disclosure) needs to be signed by your Buyer.
Another scenario might be that you are representing two Buyers. In that case, they each need to sign a Form 326, and no Form 325 is needed.
Do I need to have a form signed to advertise a Sold property on my social media?
Form 170 (Consent to Advertise - Buyer and Seller) is used to assist Members in complying with their requirements under the Trust in Real Estate Services Act (TRESA) when advertising a sold property.
Consent is required when advertising certain private information related to the sale. Depending on what is being advertised and when the advertising takes place, consent from one or both of the parties will be required. If consent is required from another Member’s client, all communication must go through their REALTOR® unless permission has been granted to contact their client directly.
In what scenario would you use Form 223 (Commission Agreement - Buyer and Seller)?
Under TRESA, a Brokerage may only be paid commission from their client.
In situations where a Seller is self-represented or the listing is a ‘mere posting’, the Seller is not a client of the Buyer’s Brokerage. In order to require the Seller to pay commission, an agreement will be required between the Seller and the Buyer for the Seller to compensate the Buyer for all or some of their commission obligations. This Form is used to document this commission agreement.
In what scenario would you use Form 320 (Confirmation of Co-operation and Representation- Buyer or Seller)?
This Form is used to indicate to all parties involved the specific types of relationships that exist in their real estate transaction. It is used when a contract has been signed with the Buyer/Seller. The Form is used to set up an arrangement between brokerages and is acknowledged by the parties.
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Oops! Your knowledge of OREA Forms could use some improvement!
Why not head over to OREA.com to explore the forms and their uses? It's the best way to stay at the top of your game and avoid fines and other disciplinary action for non-compliance.
Stay tuned for our next quiz!
You got {number correct}/{number of questions} correct answers!
Congratulations! You know your stuff when it comes to OREA Forms!
Why not head over to OREA.com to further explore the forms and their uses? It's the best way to stay at the top of your game and avoid fines and other disciplinary action for non-compliance.
Stay tuned for our next quiz!
