Humber/Ontario Real Estate Course 2 Exam Practice

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Prepare for the Humber/Ontario Real Estate Course 2 Exam with our comprehensive quiz that covers essential concepts and topics. Enhance your understanding with multiple choice questions designed to test your knowledge and boost your confidence before the exam.

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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What must a brokerage do if a buyer's offer is unsuccessful for a property?

Retain a copy of that offer in its entirety.
Keep a summary document of the offer for a minimum six-month period.
Retain either a summary document or the complete offer for one year.
Retain both the summary document and the offer in its entirety for one year.

The correct answer is: Retain either a summary document or the complete offer for one year.

When a buyer's offer is unsuccessful for a property, the brokerage must retain either a summary document or the complete offer for one year. This is to ensure that the brokerage has a record of the offer and the details of the transaction, which may be important for future reference or in case any legal issues arise. Option A is incorrect as the brokerage is required to retain either a summary document or the complete offer, not just the complete offer in its entirety. Option B is incorrect as the requirement is to retain the offer for one year, not just for a minimum six-month period. Option D is incorrect as it states that the brokerage must retain both the summary document and the offer in its entirety for one year, when in fact, the brokerage only needs to retain one of these documents for the specified duration.