Humber/Ontario Real Estate Course 1 Exam Practice

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Prepare for the Humber/Ontario Real Estate Course 1 Exam with our comprehensive quiz. Test your understanding with multiple choice questions and detailed explanations. Build confidence and knowledge for a successful exam experience!

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A lawyer must handle the disposal of a deceased individual's investment property for estate management. What is the correct procedure?

The lawyer is exempt under REBBA, but this exemption only applies to residential, not commercial property.
The lawyer must be registered under REBBA in order to sell the property on behalf of the estate.
The lawyer must dispose of the investment property through a registered real estate brokerage.
The lawyer should only list the property on a public market without a brokerage.
The lawyer is exempt under REBBA, based on the circumstances as presented.
The lawyer must seek special permission to sell the property without a brokerage.

The correct answer is: The lawyer is exempt under REBBA, based on the circumstances as presented.

The correct procedure in this scenario is that the lawyer is exempt under the Real Estate and Business Brokers Act (REBBA) based on specific circumstances related to the disposal of a deceased individual's investment property. In Ontario, lawyers can act on behalf of an estate without needing to register under REBBA, as they are authorized to manage estate affairs, including the sale of property, as part of their legal duties. This exemption recognizes the unique role lawyers play in estate management and allows for a more streamlined process for handling the deceased's assets. The other options suggest requirements that do not apply in this context, such as the need for registration under REBBA or the necessity of working through a brokerage, which are not mandated for lawyers acting within their professional capacity regarding estate matters.