Humber/Ontario Real Estate Course 2 Exam Practice

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Prepare for the Ontario Real Estate Exam with our comprehensive Humber Course 2 Exam Practice quiz. Engage with multiple choice questions and detailed explanations, designed to help you excel.

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A listing salesperson presents four offers to the sellers, arranging a meeting at 8 p.m. Which seller action could lead to significant legal issues?

  1. The sellers will consider only offers above $610,000 and counter both $612,000 and $614,000 offers at $620,000, selling to the first to accept.

  2. The sellers decline all offers but will consider new ones by 11 p.m. the same night.

  3. The sellers review offers randomly and accept the 4:30 p.m. offer.

  4. The sellers counter the $614,000 offer with a preferred closing date.

  5. The sellers attempt to renegotiate the offers by disclosing their lowest acceptable price.

  6. The sellers put a time limit of two hours on the counteroffers to motivate quick responses.

The correct answer is: The sellers will consider only offers above $610,000 and counter both $612,000 and $614,000 offers at $620,000, selling to the first to accept.

In this scenario, option A could lead to significant legal issues because the sellers are engaging in potential bid-rigging behavior. By setting a condition where both the $612,000 and $614,000 offers are countered at $620,000 and then selling to the first to accept, the sellers are essentially manipulating the offers to benefit themselves and potentially creating an unfair advantage for a particular buyer without allowing the offers to compete naturally. This type of behavior can raise concerns about price-fixing and anti-competitive practices, which are illegal under the Competition Act. It is crucial for real estate professionals to uphold ethical standards and ensure that all offers are handled in a fair and transparent manner to avoid legal repercussions. Options B, C, D, E, and F do not inherently involve bid-rigging or price manipulation, making option A the most likely candidate to lead to significant legal issues in this scenario.

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