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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What does the Tarion Warranty Corporation do?

Administers warranty coverage for all resale homes in Ontario.
Is a government body overseeing real estate regulations in Ontario.
Is a for-profit corporation that administers new home warranty coverage in Ontario.
Oversees the Ontario New Home Warranties Plan Act.
Provides warranty coverage for all commercial buildings in Ontario.
Provides various coverages including protection relating to deposits on new houses.

The correct answer is: Provides various coverages including protection relating to deposits on new houses.

The Tarion Warranty Corporation provides various coverages, including protection related to deposits on new houses. This is the correct answer because Tarion offers consumer protection by providing deposit insurance, as well as warranties for new homes in Ontario. Option A is incorrect because Tarion only administers warranties for new homes, not resale homes. Option B is also incorrect because Tarion is not a government body; it is an independent, non-profit corporation. Option C is incorrect as Tarion is a non-profit organization and not a for-profit corporation. Option D is incorrect because the Ontario New Home Warranties Plan Act is overseen by Tarion, rather than vice versa. Option E is incorrect because Tarion does not provide warranty coverage for commercial buildings, only for new residential homes.