Humber/Ontario Real Estate Course 2 Exam Practice

If a buyer's offer is rejected, what document must the seller's brokerage retain?

1. A full copy of the offer.

2. A summary document of the offer for one year.

3. Either the full offer or a summary of the offer for one year.

4. Both the full offer and a summary document for one year.

The correct answer is: Either the full offer or a summary of the offer for one year.

When a buyer's offer is rejected, the seller's brokerage must retain either the full offer or a summary of the offer for one year. This requirement ensures transparency and accountability in real estate transactions. By keeping a record of the offer, the seller's brokerage can demonstrate that the offer was indeed received and rejected, which can be important in case of any disputes or legal issues. Options A, B, and D are not entirely accurate because they suggest retaining only a full copy of the offer, only a summary document, or both the full offer and a summary document, respectively. However, the correct practice is to retain either the full offer or a summary of the offer for one year, as stated in option C.