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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In what situation is a property description deemed least reliable?

Based on previous sale records
Derived from tax assessment notices
Found in current deeds of ownership
Indicated by recent property surveys
Registered at the land registry office
Verified by licensed appraisers

The correct answer is: Derived from tax assessment notices

The property description derived from tax assessment notices is deemed the least reliable compared to the other options provided. Tax assessment notices are primarily used for property assessment and tax purposes rather than for accurate property descriptions. They may lack detailed information about the property's physical characteristics, boundaries, and other pertinent details that would be crucial in real estate transactions. On the other hand, property descriptions based on previous sale records, current deeds of ownership, recent property surveys, and those registered at the land registry office are more reliable sources as they provide specific and accurate details about the property, making them more trustworthy in real estate transactions. Appraisers also play a crucial role in verifying property information, but tax assessment notices are not considered as reliable as these other sources in providing accurate property descriptions.