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 seller wants to lower the listing price of a property. How should Salesperson Belov proceed?

  1. The seller should provide a written instruction for the adjustment.

  2. The seller must contact the local real estate board for price changes.

  3. The existing agreement must be canceled and a new one created with the new price.

  4. Only the seller’s signature is needed on an amendment form.

  5. Both the buyer and seller must sign a new agreement to adjust the price.

  6. Belov should file the requested change with the municipal property registrar.

The correct answer is: The seller should provide a written instruction for the adjustment.

In this scenario, the correct answer is A. When a seller wants to lower the listing price of a property, it is crucial for the seller to provide a written instruction for the adjustment. This written instruction helps ensure clear communication and documentation of the agreed-upon price change. By having the seller provide a written instruction, Salesperson Belov can proceed with confidence and ensure that all parties are in agreement about the new listing price. Options B, C, D, E, and F are incorrect because they do not align with the standard procedure for adjusting the listing price of a property. Contacting the local real estate board, canceling the existing agreement, requiring only the seller's signature on an amendment form, requiring both the buyer and seller to sign a new agreement, or filing the change with the municipal property registrar are not necessary steps when the seller simply wants to lower the listing price. The most direct and appropriate action in this situation is for the seller to provide a written instruction for the price adjustment.

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