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!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

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In a housing market with few available homes, rising prices, and continuous demand, what term best describes this market?

Balanced market.
Buyer's market.
Seller's market.
Weak market.

The correct answer is: Balanced market.

In a housing market with few available homes, rising prices, and continuous demand, it is best described as a seller's market. In a seller's market, there are more buyers than there are properties for sale, leading to increased competition and driving prices up. This high demand and low supply give sellers more negotiating power and often results in quick sales at or above the asking price. The other options provided are not the best descriptors for the given scenario: - A Balanced market occurs when the number of homes for sale is in equilibrium with the number of buyers. This situation does not match the scenario described in the question. - A Buyer's market is characterized by an abundance of homes for sale and a shortage of buyers, enabling buyers to have more negotiating power and potentially purchase properties for less than the asking price. - A Weak market typically refers to a market with low demand, high inventory, and declining prices. This does not align with the scenario presented in the question.