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 Salesperson Garcia receives multiple offers on the first day a property is listed, what is required by the REBBA Code of Ethics?

Must disclose the existence but not the substance of the offers to those making offers.
Should select the offer with the best terms and present it first to the seller.
Present the offer from the salesperson within the listing brokerage first.
Disclose both the existence and substance of competing offers to those making offers.

The correct answer is: Must disclose the existence but not the substance of the offers to those making offers.

When Salesperson Garcia receives multiple offers on the first day a property is listed, the REBBA Code of Ethics requires the salesperson to disclose the existence but not the substance of the offers to those making offers. This is important to ensure transparency and fairness in the process without revealing sensitive information to potential buyers. Option B is incorrect because the salesperson should not prioritize one offer over others based on terms and present it first to the seller without proper disclosure. This could lead to potential conflicts of interest and unfair treatment of other offers. Option C is also incorrect as there is no requirement in the scenario to present the offer from the salesperson within the listing brokerage first. All offers should be handled fairly and presented to the seller for consideration. Option D is incorrect because disclosing both the existence and substance of competing offers to those making offers is not required by the REBBA Code of Ethics in this scenario. It is important to maintain confidentiality and only disclose necessary information to maintain professionalism and integrity in the transaction.