Humber/Ontario Real Estate Course 1 Exam Practice

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What term is best used to describe an agreed compensation that can be a dollar amount, a percentage, or a combination of both in real estate transactions?

REALTOR® Fees
Commission
Remuneration
Brokerage Charges
Consultation Fees
SERVICE CHARGE

The correct answer is: Remuneration

In real estate transactions, the term "remuneration" best describes the agreed compensation that can be a dollar amount, a percentage, or a combination of both. Remuneration is a general term used to encompass all forms of compensation or payment for services rendered in a transaction. The other options are not as appropriate in this context: - REALTOR® Fees typically refer to the fees charged by a REALTOR® for their specific services. - Commission is a type of remuneration commonly used in real estate transactions, but it is not as encompassing as the term "remuneration." - Brokerage Charges are the charges associated with using a brokerage's services, not the compensation agreed upon in the transaction. - Consultation Fees refer to fees charged for consultation services, which are different from the compensation in a real estate transaction. - SERVICE CHARGE typically refers to an additional fee for services rendered, which is different from the overall compensation in a real estate transaction.