Ontario Real Estate Licensing Exam Practice · Question
A salesperson receives a written offer on a property. Before the seller has a chance to review it, the buyer sends a written notice of revocation. What is the status of the offer?
An offer can be revoked at any time before acceptance, provided that notice of the revocation is communicated to the offeree (the seller in this case) before th
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Question: A salesperson receives a written offer on a property. Before the seller has a chance to review it, the buyer sends a written notice of revocation. What is the status of the offer?
Answer options: ✅ The offer is legally revoked and can no longer be accepted by the seller.
- The seller still has the right to accept the offer if it's within the irrevocable period.
- The salesperson must advise the buyer they cannot revoke an offer once submitted.
- The offer remains active until the irrevocable period expires, despite the revocation notice.
Correct answer: The offer is legally revoked and can no longer be accepted by the seller.
Explanation: An offer can be revoked at any time before acceptance, provided that notice of the revocation is communicated to the offeree (the seller in this case) before they accept the offer. Even if an irrevocable period was stated, the offeror can revoke it if it hasn't been accepted yet.
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