Humber/Ontario Real Estate Course 1 Exam Practice

What's a valid reason for a buyer to obtain a property survey?

1. To negotiate a lower purchase price

2. To confirm clear title of the property

3. To estimate the market value range

4. To determine property boundaries

5. To inspect internal structures

6. To assess neighborhood trends

The correct answer is: To determine property boundaries

A buyer may choose to obtain a property survey to determine the property boundaries. This is crucial as it helps ensure that the buyer is aware of the exact land they are purchasing, including any encroachments or boundary discrepancies. Having a clear understanding of the property boundaries can prevent future disputes with neighbors and helps the buyer make informed decisions about potential property improvements or expansions. In terms of the other options: - Option A, negotiating a lower purchase price, is not a primary reason for obtaining a property survey. - Option B, confirming clear title of the property, is usually done through a title search or title insurance, not necessarily a property survey. - Option C, estimating the market value range, is usually done by a professional appraiser, not through a property survey. - Option E, inspecting internal structures, would typically be done through a home inspection, not a property survey. - Option F, assessing neighborhood trends, would involve analyzing market data and trends in the area, not necessarily requiring a property survey.