Humber/Ontario Real Estate Course 4 Exam Practice

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Prepare for the Humber/Ontario Real Estate Course 4 Exam. Test your knowledge with quizzes and gain valuable insights into real estate concepts, regulations, and practices essential for your success in the industry.

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What position does Buyer Ricci attain by tendering due to the seller's refusal to close the sale?

Gains the right to tender, but the right would not extend to the seller if Ricci refused to close
Can seek damages but not specific performance
Can bring a lawsuit against the seller for not closing the sale
Is legally positioned to seek remedies for breach of contract
Can apply for mortgage insurance
Receives a title insurance claim

The correct answer is: Is legally positioned to seek remedies for breach of contract

By tendering due to the seller's refusal to close the sale, Buyer Ricci is legally positioned to seek remedies for breach of contract. When one party fails to fulfill their obligations under a contract, the other party can pursue various legal remedies to enforce their rights. In this scenario, Ricci's act of tendering indicates a willingness and readiness to complete the contract, which establishes a legal basis for seeking remedies. These remedies may include specific performance, where Ricci could compel the seller to proceed with the sale, or monetary damages for any losses incurred due to the breach. While other answers address some aspects of a buyer's potential actions or rights, none capture the breadth of legal remedies available to Ricci after demonstrating his intention to fulfill the contract. This comprehensive position allows Ricci to navigate the situation more effectively, making it the most complete and accurate answer.