Humber/Ontario Real Estate Course 3 Exam Practice

If Buyer Giray waives a mortgage condition in an offer, what is the outcome?

1. The agreement remains non-binding without exact financing

2. The agreement is firm and binding unless terminated within a specified period

3. Waiving eliminates Giray's rights connected to that condition

4. Giray can still negotiate different conditions

5. Giray cannot proceed without exact terms

6. The seller must honor the waived condition

The correct answer is: Waiving eliminates Giray's rights connected to that condition

If Buyer Giray waives a mortgage condition in an offer, the outcome is that waiving eliminates Giray's rights connected to that condition. This means that Giray can no longer rely on the mortgage condition to back out of the agreement or negotiate different terms related to financing. Option A is incorrect because it mentions that the agreement remains non-binding, which is not the case. Option B is incorrect because it states that the agreement is firm and binding, which is not the case after waiving the mortgage condition. Option D is incorrect because it suggests that Giray can still negotiate different conditions, but this is not the case after waiving the mortgage condition. Option E is incorrect because it mentions that Giray cannot proceed without exact terms, but this is not necessarily true since they have waived the mortgage condition. Option F is incorrect because it states that the seller must honor the waived condition, which is not the case as the condition has been eliminated.