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.

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Which statement is correct regarding offers and counter offers?

  1. A buyer's offer is valid if it is in writing and signed by the buyer

  2. Buyers only need to initial the price change when countering

  3. When a buyer counters a seller's offer, the seller initials changes

  4. Written offers remain valid indefinitely until revoked

  5. A counter offer that is initially rejected must be retained for three years

The correct answer is: A buyer's offer is valid if it is in writing and signed by the buyer

When it comes to offers and counter offers in real estate transactions, it is crucial that a buyer's offer is in writing and signed by the buyer to be considered valid. This requirement helps ensure clarity, commitment, and protection for both parties involved in the transaction. By having the offer properly documented and signed, it becomes a legally binding agreement that outlines the terms and conditions of the offer. Options B, C, D, and E are incorrect for various reasons: - Buyers are usually required to sign and date the counter offer document, not just initial the price change. - Typically, when a buyer counters a seller's offer, the buyer initials changes on the document, not the seller. - Written offers have an expiry date specified by the buyer, after which they are considered expired unless otherwise agreed upon. - A counter offer that has been rejected does not need to be retained for three years; it is no longer valid once rejected unless there are specific legal requirements in place which would vary by jurisdiction.

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