Humber/Ontario Real Estate Course 2 Exam Practice

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

Prepare for the Humber/Ontario Real Estate Course 2 Exam. Utilize flashcards and multiple choice questions with hints and explanations. Get exam-ready!

Practice this question and more.

According to the Code of Ethics, what must a brokerage disclose when a seller is presented with multiple offers?

Disclose both the number of offers and the terms of those offers to the sellers.
Disclose only the number of competing offers to those making offers.
Disclose the terms of competing offers to those making the offers.
Review and decide on each offer sequentially in the order received.

The correct answer is: Disclose only the number of competing offers to those making offers.

In the scenario where a seller is presented with multiple offers, the brokerage must disclose only the number of competing offers to those making offers. This practice ensures transparency and fairness in the offer process without revealing specific details of competing offers, which could potentially compromise the negotiation positions of both buyers and sellers. By disclosing only the number of offers, the brokerage maintains confidentiality while still informing potential buyers of the level of competition they are facing. This approach aligns with the Code of Ethics by promoting honesty, integrity, and professionalism in real estate transactions.