Humber/Ontario Real Estate Course 4 Exam Practice

In a situation where sellers have counter offered on the purchase price but have not changed the pay a further sum amount, what should have been amended?

1. The pay a further sum

2. The pay a further sum only if the deposit is adjusted

3. The offer remains irrevocable

4. Both deposit and purchase price

5. Only the initial deposit

6. The further sum if down payment changes

The correct answer is: The pay a further sum

In real estate transactions, when sellers issue a counteroffer that modifies the purchase price but do not change the stipulation regarding the 'pay a further sum,' it indicates that the seller wants to maintain the same terms regarding the additional payment required. This necessitates the amendment of the 'pay a further sum' specifically because a counteroffer typically involves adjustments that reflect the new terms being proposed by the sellers. If the purchase price changes, the further sum might need to align with that new price to ensure that the overall financial agreement is coherent. Thus, maintaining clarity and consistency in the payment obligations is crucial in these scenarios. The other choices distract from this focus on the straightforward need to adjust the further sum based on the negotiated purchase price. Hence, the correct approach would be to amend the 'pay a further sum' to reflect the new agreement between the parties regarding the purchase price without needing to alter other conditions at this point in the negotiation process.