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.

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

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What strategy can a seller use when faced with four competing offers?

Reject all offers due to no risk involved
Counter the two best offers to create a bidding war
Reject three offers and counter on the fourth
Accept one of the four offers

The correct answer is: Reject three offers and counter on the fourth

When a seller is presented with multiple competing offers, a common strategy is to reject the majority of the offers and choose to counter on the most favorable offer. By rejecting multiple offers and only countering on the one that stands out the most, the seller can potentially negotiate more favorable terms, such as a higher price or more ideal conditions. This approach allows the seller to potentially maximize the outcome of the sale by leveraging the competition between the buyers. Option A is incorrect because simply rejecting all offers may result in the loss of potential opportunities and may not be in the seller's best interest. Option B is not the optimal choice as countering the two best offers to create a bidding war could potentially backfire and alienate potential buyers, leading them to walk away from the deal altogether. Option D would limit the opportunities for negotiation and potentially result in the seller accepting less than the best offer on the table.