Humber/Ontario Real Estate Course 2 Exam Practice

If the first step in an offer plan is to 'summarize the offer math,' what should Step 2 involve?

1. Have the buyer initial and sign on the appropriate pages.

2. Identify the required dates such as the irrevocable date and the requisition date.

3. Identify which lawyers will represent the buyer and seller.

4. Determine included chattels, excluded fixtures, and rental items.

The correct answer is: Identify the required dates such as the irrevocable date and the requisition date.

In an offer plan, after summarizing the offer math in the first step, the second step typically involves identifying the required dates, such as the irrevocable date and the requisition date. This is crucial because setting these dates accurately is necessary for the offer to be valid and legally binding. The irrevocable date is the deadline by which the seller must accept the offer, while the requisition date is important for conditional offers to address any concerns or issues before finalizing the deal. Therefore, understanding and clearly outlining these dates in the offer plan is crucial for a smooth and successful real estate transaction. Option A (Having the buyer initial and sign on the appropriate pages) is typically a later step in the process once all necessary details have been accurately outlined in the offer. Option C (Identifying which lawyers will represent the buyer and seller) is an important step but usually comes later in the process, after the offer has been accepted, to handle the legal aspects of the transaction. Option D (Determining included chattels, excluded fixtures, and rental items) is also essential but identifying required dates takes precedence in the offer plan as it directly impacts the validity and acceptance of the offer.