Humber/Ontario Real Estate Course 4 Exam Practice

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How must a listing brokerage treat an offer from another brokerage upon receipt?

  1. Present it within 24 hours of receipt.

  2. Always have it presented by the listing salesperson.

  3. Deal with according to detailed procedures in the Code of Ethics.

  4. Allow the seller to accept, reject, or counter it.

  5. Seek additional approval from higher authority.

  6. Obtain advance seller approval before presentation.

The correct answer is: Allow the seller to accept, reject, or counter it.

When a listing brokerage receives an offer from another brokerage, it is imperative to allow the seller the freedom to accept, reject, or counter the offer. This approach ensures that the seller retains control over the transaction and is able to make informed decisions regarding their property. The seller should evaluate all aspects of the offer, including the terms, conditions, and any contingencies that may apply. The role of the listing brokerage is to facilitate communication between the buyer's brokerage and the seller, ensuring that the seller is aware of the offer and its details. This process is essential for adhering to the fiduciary duties that the brokerage owes to the seller, such as loyalty and full disclosure. By allowing the seller to choose how to respond to the offer, the listing brokerage upholds ethical standards and promotes transparency in real estate transactions. While other options may contain elements relevant to the process, they do not encompass the fundamental principle of ensuring the seller's autonomy in decision-making regarding offers they receive.

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