Humber/Ontario Real Estate Course 3 Exam Practice

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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!

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When Salesperson Garcia receives multiple offers on the first day a property is listed, what must they do according to the REBBA Code of Ethics?

Disclose the existence of offers but not their substance
Select and present the best offer first
Present the listing brokerage's offer first
Disclose both the existence and substance of competing offers

The correct answer is: Disclose the existence of offers but not their substance

When Salesperson Garcia receives multiple offers on the first day a property is listed, they must disclose the existence of offers but not their substance according to the REBBA Code of Ethics. This allows transparency in the process without revealing confidential information about the offers. It is essential to maintain the confidentiality of the details of competing offers to ensure fairness and protect the interests of all parties involved in the transaction. Option B is incorrect because selecting and presenting the best offer first could potentially be biased and not in the best interest of all parties. Option C is incorrect as there is no requirement in the REBBA Code of Ethics to prioritize the listing brokerage's offer when multiple offers are received. Option D is incorrect as disclosing both the existence and substance of competing offers would breach confidentiality and could potentially harm the negotiating position of the parties involved.