Humber/Ontario Real Estate Course 2 Exam Practice

Which of the following describes the suitable action if there’s final agreement in multi-offers?

1. Final words and terms should be prepared only by the presenting brokerage.

2. Accept the second highest offer.

3. Notify all parties of final status as per law.

4. Void the final agreement and start over.

5. Use random selection to choose the final offer.

6. Only inform the primary buyer.

The correct answer is: Notify all parties of final status as per law.

In a situation where there is a final agreement in a multi-offer scenario, it is crucial to notify all parties of the final status as per the law (Option C). This is the appropriate action to take in such a situation as it ensures transparency, fairness, and compliance with legal requirements. By informing all parties involved about the final status, it helps in maintaining trust and professionalism throughout the transaction process. Options A, B, D, and E are not the suitable actions to take in this scenario. Option A is incorrect because final words and terms should not be prepared solely by the presenting brokerage; all parties involved should be notified of the final status. Option B suggests accepting the second highest offer, which goes against the concept of honoring the final agreement that has been reached. Option D of voiding the final agreement and starting over is not appropriate as it disregards the agreement made by the parties involved. Option E, random selection to choose the final offer, is not a standard practice and could lead to disputes and legal issues. Option F, which suggests only informing the primary buyer, is not the suitable action as it neglects the need to inform all parties involved in the multi-offer situation. It is essential to communicate the final status to all parties to ensure transparency and adherence to legal requirements.