Humber/Ontario Real Estate Course 3 Exam Practice

Disable ads (and more) with a membership for a one time $2.99 payment

Prepare for the Humber/Ontario Real Estate Course 3 Exam with our practice quizzes. Study using multiple-choice questions complete with hints and explanations. Ace your exam with confidence!

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!

Practice this question and more.


How should a salesperson handle a financial change in the agreement involving a patio set?

  1. Have a verbal agreement noted in the records.

  2. Have the seller write a counter offer excluding the set.

  3. Determine the market value difference and adjust the final price.

  4. Prepare an amendment form and have both parties sign it.

  5. Prepare a new agreement without including the patio set.

  6. Replace the set with an equivalent item.

The correct answer is: Prepare an amendment form and have both parties sign it.

Preparing an amendment form and having both parties sign it is the most appropriate course of action when there is a financial change in an agreement involving an item like a patio set. This ensures that all parties have a clear and documented understanding of the changes made to the original agreement. A signed amendment serves as a formal record, protecting the interests of both the buyer and the seller by clarifying the terms and showing mutual consent to the changes. Using an amendment rather than relying on verbal agreements or informal discussions (which may not be legally enforceable) helps to mitigate any potential disputes in the future. It also complies with best practices in real estate transactions, where documentation is key to avoiding misunderstandings. In contrast, other methods, such as having a seller write a counteroffer or preparing a completely new agreement, can lead to confusion and might not accurately capture the new terms agreed upon regarding the patio set. Instead, an amendment offers a simpler and more efficient way to update the existing contract without starting the entire negotiation process over again. Additionally, replacing the item or adjusting the market value could misrepresent the agreement's intent and lead to complications.