Humber/Ontario Real Estate Course 4 Exam Practice

If a seller receives three competing offers, one of which is from a co-operating brokerage, what are the seller's options?

1. Must decide on the best offer and either accept or counter it.

2. Can accept one offer, reject all offers, or counter one offer.

3. Should counter multiple offers simultaneously.

4. Must first deal with offers from the listing brokerage before considering the offer from the co-operating brokerage.

5. Must accept the highest offer.

6. Can select the offer with the shortest closing date.

The correct answer is: Can accept one offer, reject all offers, or counter one offer.

The correct answer indicates that a seller has several options when presented with multiple offers. Specifically, a seller can accept one offer, reject all offers, or counter one offer. This flexibility allows the seller to evaluate each offer based on various factors such as price, conditions, and closing dates. Accepting one offer provides a straightforward resolution if the seller finds an offer that meets their needs. Rejecting all offers is also an option if none of the proposals are satisfactory. In addition, countering one offer allows for negotiation, enabling the seller to potentially improve the terms of the transaction or address specific concerns with that offer without immediately committing to any one buyer. The choices that suggest a seller must follow a specific order of consideration or imply limiting their options do not reflect the realities of negotiations in real estate transactions. Sellers are encouraged to consider all offers on their merits and choose a course of action that best suits their objectives.