Humber/Ontario Real Estate Course 3 Exam Practice

What is a common requirement in a Buyer's Confirmation of Acceptance?

1. Listing the exact closing costs.

2. Specifying the final walkthrough date.

3. Confirming acceptance of the seller’s counteroffer.

4. Detailing the home warranty specifics.

5. Outlining the terms of the mortgage loan.

6. Summarizing the home inspection findings.

The correct answer is: Confirming acceptance of the seller’s counteroffer.

The correct answer focuses on the necessity of confirming acceptance of the seller’s counteroffer, which is a crucial step in the negotiation process during real estate transactions. When a buyer receives a counteroffer from the seller, it represents a modification of the original offer. The Buyer's Confirmation of Acceptance serves to clearly document that the buyer agrees to the revised terms set out by the seller, thus ensuring that both parties are on the same page regarding the important aspects of the transaction, such as price and conditions. This confirmation is vital because it solidifies the intention of the buyer to proceed with the terms offered after the counteroffer, helping to avoid any potential misunderstandings or disputes later on. It acts as a formal acknowledgment of agreement and acceptance, moving the process closer to closing. While other choices may pertain to essential elements of the transaction, they do not embody the core function of the Buyer's Confirmation of Acceptance, which specifically focuses on the buyer's agreement to the seller's revised terms.