Humber/Ontario Real Estate Course 2 Exam Practice

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What happens if a buyer signs an agreement of purchase and sale on June 5th with an irrevocable date of June 6th?

  1. The offer is invalid due to insufficient timeframe.

  2. The buyer is bound by the irrevocable date if signed knowingly.

  3. The buyer can withdraw the offer any time despite being signed under seal.

  4. The irrevocable period ends at 11:59 PM on June 6th.

  5. The offer must be reviewed by a third-party mediator.

  6. The buyer can alter the irrevocable date if both parties agree.

The correct answer is: The buyer is bound by the irrevocable date if signed knowingly.

In this scenario, the correct answer is that the buyer is bound by the irrevocable date if signed knowingly. When a buyer signs an agreement of purchase and sale with an irrevocable date specified, it means that the buyer is committing to keeping the offer open for acceptance by the seller until that specified date and time. By signing the agreement knowingly, the buyer is legally obligated to abide by the terms, including the irrevocable date. Options A, C, D, E, and F are incorrect: A. The offer is not invalid due to an insufficient timeframe; the irrevocable date specifies until when the offer must remain open. C. The buyer cannot withdraw the offer any time despite being signed under seal once the irrevocable date is set unless both parties agree to a mutual withdrawal. D. The irrevocable period does end at the specified time on the irrevocable date, not necessarily at 11:59 PM. E. The offer does not need to be reviewed by a third-party mediator in this situation. F. The buyer cannot unilaterally alter the irrevocable date without the seller's agreement.

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