Humber/Ontario Real Estate Course 2 Exam Practice

If an offer submitted by a buyer representative is unsuccessful, what is the seller's brokerage required to retain?

1. A copy of that offer in its entirety.

2. A summary document for a minimum six-month period.

3. A summary document or the offer in its entirety for one year.

4. The summary document and the offer in its entirety for one year.

The correct answer is: A summary document or the offer in its entirety for one year.

When an offer submitted by a buyer representative is unsuccessful, the seller's brokerage is required to retain either a summary document or the offer in its entirety for one year. This requirement ensures that there is a record of the offer and any relevant details for legal and compliance purposes. Option A is incorrect as it does not specify a retention period. Option B is incorrect because it states a minimum six-month period, which is shorter than the required one year. Option D is incorrect as it suggests retaining both the summary document and the offer in its entirety, which is not necessary according to the regulations. Therefore, Option C is the correct answer as it accurately reflects the retention requirements for the seller's brokerage in this situation.