Humber/Ontario Real Estate Course 4 Exam Practice

If a salesperson receives multiple offers on the first day, what must they disclose?

1. The offer with the highest price first.

2. Existence of the offers without details of the substance.

3. Details of each offer to the listing brokerage first.

4. Present the lowest offer last.

5. Only the existence without any further detail.

6. All details to the listing brokerage and seller first.

The correct answer is: Existence of the offers without details of the substance.

When a salesperson receives multiple offers on the first day, they are required to disclose the existence of those offers to the listing brokerage and seller. This ensures that the seller is fully aware of the competitive environment surrounding their property. The disclosure of the existence does not require the salesperson to provide specific details about each offer at this initial stage, which is why this choice is the most accurate response to the question. This approach allows the seller to understand that there is interest in their property and to consider their options without being overwhelmed by details. Additionally, it aligns with the ethical obligations of transparency and fairness in real estate transactions. The salesperson will typically discuss the details of each offer later in the process, after the seller understands that there are multiple offers to consider.