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!

Practice this question and more.

When a seller counters a buyer's offer by changing the purchase price, what additional action should be taken for the counter offer to be complete?

Both the deposit and purchase price should be amended.
Change the 'pay a further sum' amount.
The 'pay a further sum' amount should only be changed if the deposit amount is changed.
No further action is needed, as the agreement is still irrevocable by the buyer.

The correct answer is: Both the deposit and purchase price should be amended.

When a seller counters a buyer's offer by changing the purchase price, it is essential to amend both the deposit and purchase price for the counter offer to be complete. This is because changing only the purchase price without adjusting the deposit amount might leave room for confusion or disagreements between the parties. By ensuring that both the deposit and purchase price are amended in the counter offer, the terms of the agreement are clearly outlined, reducing the potential for misunderstandings or disputes. Therefore, option A is the correct choice as it highlights the importance of amending both the deposit and purchase price to complete a counter offer effectively.