Humber/Ontario Real Estate Course 3 Exam Practice

An offer received by the listing brokerage from another brokerage:

1. Can be accepted immediately by the brokerage without further conditions.

2. Can be responded to within a week of receipt.

3. Can only be presented by the listing broker without exceptions.

4. Must be presented, then managed according to detailed procedures set out in the Code of Ethics.

5. Should be presented even if it's lower than the listing price.

6. Will not be disclosed until the next weekly meeting.

The correct answer is: Must be presented, then managed according to detailed procedures set out in the Code of Ethics.

When an offer is received by the listing brokerage from another brokerage, it must be presented to the seller in a timely manner. The correct answer, option D, states that the offer must be presented and managed according to detailed procedures set out in the Code of Ethics. This is crucial to ensure transparency, fairness, and adherence to ethical standards in real estate transactions. Option A is incorrect because receiving an offer does not automatically mean it can be accepted by the brokerage without further conditions. Option B is incorrect as there is typically a shorter timeframe for responding to an offer rather than waiting a full week. Option C is incorrect as offers can be presented by the listing broker or another representative of the brokerage. Option E is incorrect because offers, regardless of being lower than the listing price, should still be presented to the seller. Option F is incorrect because offers should not be withheld until the next weekly meeting; they should be presented promptly.