Humber/Ontario Real Estate Course 3 Exam Practice

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If a buyer informs their salesperson that financing is unlikely for a conditional offer, what should the salesperson do?

  1. Immediately inform the seller of this conversation

  2. Take a wait and see attitude on the whole matter

  3. Declare the offer null and void

  4. Follow the buyer's instructions and make no statements to the seller

  5. Advise the buyer to seek alternate financing

  6. Delay informing the seller until the final decision is made on financing

The correct answer is: Immediately inform the seller of this conversation

The correct choice emphasizes the importance of transparency and communication in real estate transactions. If a buyer expresses concerns about their financing for a conditional offer, the salesperson has a responsibility to inform the seller about this situation. This ensures that the seller can make an informed decision regarding the offer and consider their options, especially if the buyer's ability to secure financing is uncertain. By communicating this information, the salesperson helps maintain trust and allows for a more straightforward negotiation process, which is crucial for all parties involved. While other options might suggest different approaches, they do not align with the ethical standards expected in real estate practices. For example, ignoring the issue by taking a "wait and see" attitude can lead to misunderstandings and potential problems later in the transaction. Declaring the offer null and void prematurely disregards the buyer's right to try and secure financing. Following the buyer's instructions to make no statements could prevent the seller from having all relevant information to make a decision. Advising the buyer to seek alternate financing is a supportive action, but it does not directly address the need for seller awareness. Lastly, delaying informing the seller could complicate matters further and might not serve their best interests. Thus, the choice to inform the seller immediately is the most responsible and professional

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