Humber/Ontario Real Estate Course 2 Exam Practice

In a situation where a written offer is submitted but not accepted by the seller, what must occur?

1. The salesperson must ensure either a copy of the unaccepted offer or an equivalent summary is retained by the brokerage.

2. The seller's brokerage must keep a copy of the unaccepted offer or equivalent summary for six years.

3. REBBA mandates the seller's brokerage keeps a copy of the unaccepted offer only if the offer is under $500,000.

4. If an equivalent summary is kept, it must include details such as brokerage names, offer timing, and property description.

5. All offers, accepted or not, must be disclosed in public records.

6. The unaccepted offer must be sent back to the buyer.

The correct answer is: If an equivalent summary is kept, it must include details such as brokerage names, offer timing, and property description.

In a situation where a written offer is submitted but not accepted by the seller, it is important for the seller's brokerage to keep a copy of the unaccepted offer or an equivalent summary. This is because an equivalent summary must include crucial details such as the names of the brokerages involved, the timing of the offer, and a description of the property. This information is essential for record-keeping and to ensure transparency in the real estate transaction process. Options A, B, C, and F are incorrect because they do not accurately reflect the specific requirements and details that need to be included when keeping a record of an unaccepted offer. Additionally, option E is not accurate as not all offers, whether accepted or not, need to be disclosed in public records; only the accepted offers need to be disclosed.