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.

Practice this question and more.

Which statement is true about handling multiple competing offers?

The seller must accept the highest price offer.
The seller has the right to accept any of the offers, regardless of the price.
The seller has to choose between accepting or countering one of the offers.
The listing brokerage's offer takes priority over others.
The seller must negotiate with the top two offers before making a decision.
The seller must reject all offers if none meet the asking price.

The correct answer is: The seller has the right to accept any of the offers, regardless of the price.

The correct statement is that the seller has the right to accept any of the offers, regardless of the price. This reflects the fundamental principle of real estate transactions where the seller ultimately has the discretion to choose which offer to accept based on various factors beyond just price. These factors may include the terms of the offer, the buyer's financial qualifications, contingencies, and the overall strength of the offer. In real estate, it is common for sellers to weigh offers considering the entirety of what they present, not solely focused on the highest monetary amount. This flexibility allows sellers to make choices that align with their personal goals or particular circumstances pertaining to their property sale. While some other options touch upon elements of the offer process, they do not capture the seller's autonomy in selecting an offer based on their preferences and strategic considerations.