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.

What obligation does a new salesperson have when asked for a property appraisal?

Refer to an experienced appraiser
Research prices on MLS®
Give a rough estimate based on similar properties
Ask for the original purchase price
Visit and personally value the property

The correct answer is: Refer to an experienced appraiser

When a new salesperson is asked for a property appraisal, the correct obligation is to refer the inquiry to an experienced appraiser. This is important because property appraisal requires a certain level of expertise and certification that real estate salespersons may not possess. By referring the request to a qualified appraiser, the salesperson ensures that the appraisal is conducted accurately and professionally, protecting both the seller and the buyer involved in the transaction. Options B, C, D, and E are not the correct obligations for a new salesperson when asked for a property appraisal. Researching prices on MLS®, giving a rough estimate based on similar properties, asking for the original purchase price, or personally valuing the property may lead to inaccurate or unreliable appraisals, which can have legal and financial ramifications in real estate transactions.