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!

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Which statement is correct regarding offers and counter offers?

A buyer's offer is valid if it is in writing and signed by the buyer
Buyers only need to initial the price change when countering
When a buyer counters a seller's offer, the seller initials changes
Written offers remain valid indefinitely until revoked
A counter offer that is initially rejected must be retained for three years

The correct answer is: A buyer's offer is valid if it is in writing and signed by the buyer

When it comes to offers and counter offers in real estate transactions, it is crucial that a buyer's offer is in writing and signed by the buyer to be considered valid. This requirement helps ensure clarity, commitment, and protection for both parties involved in the transaction. By having the offer properly documented and signed, it becomes a legally binding agreement that outlines the terms and conditions of the offer. Options B, C, D, and E are incorrect for various reasons: - Buyers are usually required to sign and date the counter offer document, not just initial the price change. - Typically, when a buyer counters a seller's offer, the buyer initials changes on the document, not the seller. - Written offers have an expiry date specified by the buyer, after which they are considered expired unless otherwise agreed upon. - A counter offer that has been rejected does not need to be retained for three years; it is no longer valid once rejected unless there are specific legal requirements in place which would vary by jurisdiction.