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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When retaining copies of offers, how should unsuccessful counter offers be handled?

The seller's unsuccessful counter offer must be kept as a distinct offer for a year.
The listing brokerage may keep a summary document instead of the actual unsuccessful offers.
The co-operating brokerage must retain the unsuccessful buyer's offer when rejected by the seller.
The seller's counter offer must be kept by the buyer’s co-operating brokerage.

The correct answer is: The seller's unsuccessful counter offer must be kept as a distinct offer for a year.

When retaining copies of offers, unsuccessful counter offers by the seller must be kept as distinct offers for a year. This is important for record-keeping and to ensure that all offers and counter offers are properly documented. By keeping the unsuccessful counter offer as a distinct document, both the seller's and the buyer's agent can refer back to it if needed for legal or reference purposes during the transaction or after it is completed. Regarding the other options: - Option B is incorrect because the listing brokerage should retain all offers, including unsuccessful ones, to maintain a complete record of the transaction. - Option C is incorrect as the co-operating brokerage does not need to retain the unsuccessful buyer's offer if it was rejected by the seller. - Option D is incorrect because the seller's counter offer should be retained by the seller's brokerage, not the buyer's co-operating brokerage.