Isn't a rip-off something too expensive for its real value?

[Dinanrodrig]

English Language Tests, Intermediate level

ESL/EFL Test #298 "English Slang Idioms (20)", question 2

He decided to buy the guitar even though he was kind of broke. At the price it was listed for, it was a ..........

(a) pile
(b) rip-off
(c) steal
(d) beauty

English Language Tests, Intermediate level

ESL/EFL Test #298 "English Slang Idioms (20)", answer 2

He decided to buy the guitar even though he was kind of broke. At the price it was listed for, it was a steal.

Correct answer: (c) steal

Your answer was: incorrect
He decided to buy the guitar even though he was kind of broke. At the price it was listed for, it was a rip-off.
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Isn't a "rip-off" something too expensive for its real value?

[Our Tort System]

A rip-off is a bad deal.
The item may be too expensive or even broken. This deal puts the buyer at a disadvantage.

Here a steal means something inexpensive, ergo it's opposite to a rip-off. In other words, you would bite the seller's hand off. =)
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"He who tries to establish his point by much yelling shows that his reasoning is weak"
-Jodi Ann Arias

[Dinanrodrig]

Oh, I see. I got it the other way around. I missed the meaning of the sentence.