Humber/Ontario Real Estate Course 1 Exam Practice

Disable ads (and more) with a membership for a one time $2.99 payment

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!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

How should issues with non-disclosure of building improvements without permits be handled?

Acknowledge that minor issues do not need to be disclosed.
Disclose all issues as they are considered material latent defects.
Only disclose the lack of permit, ignore minor defects.
Repair defects without mention to buyers.
Ignore the issue if no problems have arisen.
Update insurance policies to cover potential defects.

The correct answer is: Disclose all issues as they are considered material latent defects.

Issues with non-disclosure of building improvements without permits should be handled by disclosing all issues as they are considered material latent defects. This is because undisclosed building improvements can potentially have legal implications for the seller in the future, and can greatly impact the property value and the buyers’ decision-making process. By disclosing all issues related to building improvements without permits, transparency is ensured between the seller and the buyer, which is essential in a real estate transaction to avoid any disputes or legal complications. This level of disclosure helps protect all parties involved and promotes fair and ethical practices in real estate transactions.