Humber/Ontario Real Estate Course 4 Exam Practice

Which among listed actions is necessary when adjusting an offer price?

1. Signing a new counter-offer form

2. Verbally agreeing with the selling party

3. Handwritten adjustments on original offer

4. Consultation with property valuation expert

5. Adding an addendum to the existing contract

6. No actions needed

The correct answer is: Signing a new counter-offer form

The correct choice highlights a formal process in real estate transactions. Signing a new counter-offer form is necessary when adjusting an offer price as it provides a clear and documented change to the original terms of the offer. This formality is essential to ensure that all parties involved are in agreement on the new terms and that there is legal clarity about the modifications made. A verbal agreement, while a form of communication, does not create a binding change and could lead to misunderstandings. Handwritten adjustments could create ambiguity and are typically not considered legally binding without a formal acknowledgment. Consultation with a property valuation expert is useful but not directly necessary for adjusting the offer price; it's more about informing the decision-maker than formalizing the adjustment. An addendum could be useful, but it is usually associated with altering the terms of an existing contract rather than adjusting an offer price itself. Lastly, no actions needed suggests a lack of formality, which does not align with the required legal steps in real estate negotiations.