Humber/Ontario Real Estate Course 4 Exam Practice

Which statement is INCORRECT regarding hosting an open house?

1. An open house is held only by the listing salesperson

2. It allows interaction with potential buyers and neighbors

3. An open house demonstrates diligent marketing efforts by the salesperson

4. Meeting neighbors who might know potential buyers

5. It helps in meeting the prospects

6. Open houses can attract the right buyer

The correct answer is: An open house is held only by the listing salesperson

The statement regarding open houses that is identified as incorrect emphasizes that an open house is held exclusively by the listing salesperson. In reality, while it is common for the listing salesperson to conduct the open house, it is not a strict requirement. Open houses can also be hosted by other real estate agents, including those from different agencies, especially in collaborative settings or where listing agreements allow for broader representation. This flexibility in hosting arrangements is important as it opens up opportunities for showcasing the property to a wider audience, potentially increasing foot traffic and interest. It also encourages a more community-focused approach as other agents may bring their clients, thereby fostering collaboration within the real estate industry. The other statements highlight the benefits and strategic importance of hosting open houses, such as fostering interaction with interested parties and potentially generating leads through local connections. These aspects all contribute to the effectiveness of open houses in the real estate market.