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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What happens if a buyer does not sell his existing property within the condition period, causing the offer to be null and void?

The buyer can extend the conditional period with valid reasons.
The seller has the right to take legal action for damages due to the condition not being fulfilled.
The agreement is still binding even if the condition is not fulfilled.
The seller cannot legally recourse for any damages.
The property's market value is irrelevant in legal disputes.
The buyer must compensate the seller if the market weakens.

The correct answer is: The seller has the right to take legal action for damages due to the condition not being fulfilled.

In this scenario, if the buyer does not sell their existing property within the condition period, this failure to fulfill a condition typically renders the offer null and void. The correct answer is B because in such a situation, the seller usually has the right to take legal action for damages due to the condition not being fulfilled. When a condition is not met as outlined in the offer, it can give grounds for the seller to seek compensation for any losses incurred as a result of the failed condition.