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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Which of the following correctly defines the term 'purchase' in the seller representation agreement?

An agreement to sell property contingent on a new mortgage.
An offer to purchase that is under negotiation.
An option to purchase that has been accepted.
The initial bid made by a potential buyer.
A lease with the option to buy clause.
An inquiry about property conditions.

The correct answer is: An option to purchase that has been accepted.

In the context of a seller representation agreement, the term 'purchase' refers to an option to purchase that has been accepted. This means that the seller has accepted an offer from a buyer to purchase the property under the terms specified in the agreement. Options A, B, D, E, and F do not accurately define the term 'purchase' in the seller representation agreement: - Option A refers to a sale contingent on a new mortgage, not the accepted offer itself. - Option B describes an offer that is still under negotiation and not yet accepted. - Option D refers to the initial bid made by a potential buyer, which may or may not lead to an accepted purchase offer. - Option E describes a lease with an option to buy clause, which is a different type of agreement. - Option F refers to an inquiry about property conditions, which is also not related to an accepted purchase offer. Therefore, the correct definition of 'purchase' in the seller representation agreement is when the option to purchase has been accepted.