Humber/Ontario Real Estate Course 1 Exam Practice

Which of the following is NOT required to be disclosed in writing by a salesperson purchasing a property?

1. A statement that the price offered is at market value.

2. Any facts that affect the property's value.

3. Any negotiations that have taken place regarding the resale of that property.

4. Notice that the salesperson is a registrant under REBBA.

5. Notice of any conflicts of interest.

6. Professional opinion on the property.

The correct answer is: A statement that the price offered is at market value.

The correct choice, stating that a statement regarding the price offered being at market value is not required to be disclosed in writing by a salesperson purchasing a property, highlights an important aspect of real estate transactions. While it is essential for salespersons to provide a clear understanding of their roles and any potential conflicts of interest, there is no regulatory requirement for them to assert that their offered price reflects market value. Regulatory guidelines dictate that salespeople must disclose facts that could impact a property's value, including condition and market trends, which helps protect all parties in the transaction. Similarly, any negotiations related to the resale of the property and the salesperson's registration status under the Real Estate and Business Brokers Act (REBBA) must be disclosed to maintain transparency and trust. Additionally, informing clients about any conflicts of interest is crucial to ensure ethical practices. A professional opinion on the property, while valuable, does not fall into the category of mandatory written disclosures required by law, as opinions can be subjective and may not represent the factual status of the property. Therefore, the requirement for written disclosure focuses on factual information and the ethics of representation rather than subjective statements like market value assertions.