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 should a buyer understand when including a condition related to obtaining financing in their offer?

The condition benefits the seller.
The condition must be fulfilled promptly to avoid issues.
Failing to fulfill this condition will terminate the agreement without litigation.
The condition should specify a flexible timeline rather than a strict date and time.
The condition should include multiple signatories.
The condition can be ignored if one party disagrees.

The correct answer is: The condition must be fulfilled promptly to avoid issues.

When a buyer includes a condition related to obtaining financing in their offer, it is crucial that they understand that this condition must be fulfilled promptly to avoid issues. This means that the buyer needs to take proactive steps to secure their financing within the agreed-upon timeline in the offer. Failing to meet this condition can lead to potential complications such as the seller having the right to terminate the agreement without having to resort to litigation. Therefore, it is in the buyer's best interest to ensure they meet this condition promptly to proceed smoothly with the real estate transaction.