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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The listing salesperson is presenting four offers to the seller client. Which of the following is an acceptable course of action by the seller?

Reject all offers and notify all cooperating brokerages to submit new offers by 6:00 p.m. the next day.
Counter the $700,000 and $710,000 offers at $730,000 and accept the first one that comes back signed.
Engage in a phone negotiation with the unconditional buyer to finalize a new price.
Request the salesperson to disclose the content of each offer to all buyers for fair competition.
Accept the highest offer with no conditions and communicate acceptance back immediately.
Modify the existing offers to include an escalation clause to facilitate a higher bid.

The correct answer is: Reject all offers and notify all cooperating brokerages to submit new offers by 6:00 p.m. the next day.

Accepting answer A would be the most appropriate course of action by the seller from the options provided. This choice aligns with ethical standards and fair practice in real estate. By rejecting all offers and setting a specific deadline for submitting new offers by the next day, the seller can ensure all interested parties have an equal opportunity to revise their offers and potentially present their best offer. Option B is not advisable as it involves counter-offering specific offers without providing all buyers with the opportunity to submit their best offer. Option C is not recommended as engaging in a negotiation with only one specific buyer may not be fair to the other potential buyers. Option D raises concerns about confidentiality and fairness to the buyers, as disclosing the content of each offer can compromise the confidentiality of the offers and put some buyers at a disadvantage. Option E, while tempting, may not be the best approach as it's important for the seller to consider all aspects of the offers, including conditions that may affect the transaction. Option F introduces a new element (escalation clause) that may complicate the process and could potentially lead to misunderstandings or disputes among the buyers and the seller.