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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Which of the following is a mandatory disclosure by real estate salespeople to potential buyers in Ontario?

Property's past sale prices
Their commission fees
Material facts affecting the property's value
Seller's reason for selling

The correct answer is: Material facts affecting the property's value

The correct answer is centered on the principle of transparency and fair dealing in real estate transactions. Real estate salespeople in Ontario are required to disclose material facts that could affect the value of the property. This obligation stems from the commitment to ensure that buyers have all relevant information that may influence their decision-making process. Material facts can include issues like structural problems, zoning changes, or any other information that could impact the property's market value or the buyer's ability to enjoy the property fully. While it may seem important to know the property's past sale prices and the seller's reason for selling, these do not fall under the category of mandatory disclosures as defined by regulations. Similarly, disclosing their commission fees is important for transparency, but it is not classified as a mandatory disclosure related to the property itself. The focus here is on safeguarding buyers by providing crucial information that could affect their investment.