Humber/Ontario Real Estate Course 3 Exam Practice

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What must be disclosed according to the Code of Ethics when there are multiple offers on a seller's property?

The number of competing offers
The terms and number of competing offers
The terms of competing offers, but not the number
The number of offers and the terms to individuals making offers

The correct answer is: The terms and number of competing offers

According to the Code of Ethics, when there are multiple offers on a seller's property, the real estate agent must disclose the terms and number of competing offers. This is to ensure transparency and fairness in the process for all parties involved. Disclosing only the number of offers (Option A) or only the terms of the offers (Option C) may not provide a complete picture to the individuals making offers. Option D, disclosing the number of offers and the terms to individuals making offers, may not be in compliance with the Code of Ethics, as it may create bias or unequal treatment among interested parties. The correct choice, Option B, strikes the right balance by promoting transparency and fairness by disclosing both the terms and number of competing offers.