Humber/Ontario Real Estate Course 4 Exam Practice

With four offers on the table for a family home listed at $500,000, which is the correct approach to handling them?

1. Present the offers in the order they were received

2. A representative from the listing brokerage needs to be present

3. Any buyer related to an Ontario real estate registrant must make a disclosure

4. The $475,000 offer should not be presented

5. Only present offers without conditions

6. Prioritize the highest offer regardless of conditions

The correct answer is: A representative from the listing brokerage needs to be present

The correct approach to handling the four offers on the family home listed at $500,000 is to have a representative from the listing brokerage present during the process. This is important to ensure transparency, fairness, and compliance with real estate regulations. Having a representative present helps to avoid any potential conflicts of interest and helps to ensure that all offers are handled professionally and in accordance with legal requirements. Options A, C, D, E, and F are not the correct approaches for handling the multiple offers. Presenting the offers in the order they were received (Option A) may not be the most effective way to handle the situation. Requiring disclosure only for buyers related to Ontario real estate registrants (Option C) is not comprehensive enough and may lead to potential issues. Disregarding the $475,000 offer (Option D) is not advisable as all offers should typically be presented to the seller. Only presenting offers without conditions (Option E) may limit the seller's options and potentially impact the outcome. Prioritizing the highest offer regardless of conditions (Option F) may not always be in the best interest of the seller, as other terms and conditions can also be important factors to consider.