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 incorrect when presenting a comparative market analysis (CMA) to a seller?

Be prepared to discuss comparable properties so the seller understands both listing and sold prices.
Provide factual data about market trends that could influence the seller's pricing strategy.
A seller will not overprice a property when faced with accurate facts about comparable properties in a CMA.
Discuss the seller's home objectively in relation to comparable properties to determine a realistic listing price.

The correct answer is: A seller will not overprice a property when faced with accurate facts about comparable properties in a CMA.

When presenting a comparative market analysis (CMA) to a seller, it is essential to provide accurate and objective information to help the seller make informed decisions regarding their property. Option C is incorrect because a seller may still choose to overprice their property despite being presented with accurate facts about comparable properties in a CMA. Sellers can have emotional attachments to their homes or may have unrealistic expectations about the value of their property, leading them to overprice it even when presented with factual data. Therefore, it is crucial for real estate professionals to manage seller expectations and guide them towards a realistic listing price based on the information provided in the CMA. Options A, B, and D are correct statements when presenting a CMA to a seller. Sellers should understand both listing and sold prices of comparable properties, receive factual data about market trends that could impact pricing strategy, and have their home objectively evaluated in relation to comparable properties to determine a realistic listing price. These actions help sellers make informed decisions and set their listing price competitively in the market.