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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What happens when Buyer Yurick rejects Seller Adamson's counter offer and Adamson agrees to the original $535,000 offer before the irrevocable deadline?

Buyer Yurick’s offer remains open for acceptance until noon the next day
A binding contract has been entered by the parties because Seller Adamson accepted the original offer before the expiration of the specified irrevocable time
The original buyer's offer remains open for acceptance until noon of the following day
The negotiations are at an end given mutual agreement was not achieved

The correct answer is: The negotiations are at an end given mutual agreement was not achieved

When Buyer Yurick rejects Seller Adamson's counter offer and Adamson agrees to the original $535,000 offer before the irrevocable deadline, the negotiations come to an end as mutual agreement was not achieved. By rejecting the counter offer and reverting back to the original offer, Buyer Yurick essentially declines to continue negotiating with Seller Adamson. This situation signals that the parties were not able to reach a mutual agreement on the terms of the transaction, leading to the termination of the negotiations.