Humber/Ontario Real Estate Course 3 Exam Practice

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Prepare for the Humber/Ontario Real Estate Course 3 Exam. Study with challenging questions and detailed explanations to enhance your understanding. Get ready to excel in your exam!

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If a buyer asks a real estate salesperson if the seller will accept a lower price, what is the appropriate action?

Provide any negotiating information that assists the buyer.
Disclose the brokerage's role and advise the buyer this information is confidential.
Share this information only if the buyer is very interested in purchasing.
Get more negotiation details from the seller, working for the buyer's best interest.
Negotiate directly with the seller without consulting the brokerage.
Postpone the discussion until a written offer is received.

The correct answer is: Disclose the brokerage's role and advise the buyer this information is confidential.

When a buyer inquires about whether the seller will accept a lower price, the appropriate action is to disclose the brokerage's role and advise the buyer that this information is confidential. This approach is founded on the principles of ethical practice in real estate, which emphasizes the importance of confidentiality and the fiduciary responsibility of the agent to their client. Real estate salespersons are bound by laws and ethical standards that require them to maintain the confidentiality of their clients' negotiating positions. This means that any discussions or information about a seller's willingness to negotiate on price should not be freely shared without the seller's consent. By explaining the brokerage’s role and the nature of confidentiality, the salesperson protects the interests of the seller while also guiding the buyer in understanding the limitations around the negotiation process. Providing any negotiating information that assists the buyer may conflict with the obligation to maintain confidentiality. Similarly, obtaining more details from the seller or negotiating directly without consulting the brokerage also fails to respect the seller's privacy and may lead to breaches of ethical conduct. It is important to strike a balance between assisting the buyer and adhering to the legal and ethical frameworks that govern real estate transactions.