Humber/Ontario Real Estate Course 2 Exam Practice

Regarding offer negotiations, what right does a seller have when receiving multiple offers?

1. The right to accept the highest price only.

2. The right to accept the second highest offer, if desired.

3. The obligation to accept the first offer received.

4. The duty to inform all parties about their decisions.

5. The right to strategically delay responses.

6. The obligation to accept or counter the highest offer only.

The correct answer is: The right to accept the second highest offer, if desired.

When a seller receives multiple offers, they have the right to accept any offer they choose, not just the highest price. In real estate negotiations, sellers are in a position to consider various factors beyond just the price, such as closing dates, conditions, and the overall terms of the offer. This allows them the flexibility to select an offer that best aligns with their priorities and needs. Therefore, option B is the correct answer as it accurately reflects the seller's right to accept the second-highest offer if that is their preference. Options A, C, D, E, and F are incorrect as they misrepresent the seller's rights and obligations in a multiple offer situation.