Humber/Ontario Real Estate Course 4 Exam Practice

When managing multiple offers on a property, what should a listing agent prioritize?

1. Accept the first offer received

2. Consider the highest price only

3. Evaluate all terms and conditions in each offer

4. Proceed with the offer that requires the least paperwork

5. Reject any offer with contingencies

6. Choose based on personal preference for the buyer

The correct answer is: Evaluate all terms and conditions in each offer

When managing multiple offers on a property, the listing agent should prioritize evaluating all terms and conditions in each offer (Option C). This is crucial because it allows the agent to thoroughly assess the details of each offer, such as offer price, financing terms, deposit amount, closing date, and any other contingencies or conditions that may impact the sale. By considering all aspects of each offer, the listing agent can help their client make an informed decision that aligns with their goals and best interests in selling the property. Options A, D, E, and F are not the correct priorities when managing multiple offers on a property. Accepting the first offer received (Option A) may not be the best option without considering all offers, as a better offer could come in later. Prioritizing the offer that requires the least paperwork (Option D) may overlook other crucial terms and conditions that could affect the sale. Rejecting any offer with contingencies (Option E) may limit the pool of potential buyers. Choosing based on personal preference for the buyer (Option F) is not in the best interest of the seller and goes against the fiduciary duty of the listing agent to represent the seller's interests.