Humber/Ontario Real Estate Course 1 Exam Practice

Which of the following is a document typically required during a real estate transaction in Ontario?

1. Environmental Impact Study

2. Transfer/Deed of Land

3. Property Floor Plan

4. Survey of Property Boundaries

5. Fence Location Agreement

6. Local Real Estate Board Documentation

The correct answer is: Transfer/Deed of Land

During a real estate transaction in Ontario, a Transfer/Deed of Land is a crucial document that is typically required. This document formally transfers the ownership of the property from the seller to the buyer. It includes important details such as the legal description of the property, the names of the parties involved, and the purchase price. The deed ensures that the buyer legally gains ownership of the property once the transaction is complete. Among the other options: A. Environmental Impact Study: While environmental assessments may be necessary in certain cases, they are not typically required for every real estate transaction in Ontario. C. Property Floor Plan: While having a floor plan might be helpful for buyers, it is not usually a required document for the transaction. D. Survey of Property Boundaries: Surveys can be important for identifying property boundaries, but they are not always mandatory for every real estate transaction. E. Fence Location Agreement: This document is not typically a standard requirement for a real estate transaction in Ontario. F. Local Real Estate Board Documentation: While documentation from the real estate board may be involved in some transactions, it is not a universally required document for every real estate transaction in Ontario.