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.

Which of the following statements is true about material facts in real estate transactions?

They only relate to the interior condition of the property.
They must be disclosed by the seller's agent.
They are not necessary for vacant land sales.
They can be withheld to protect the seller's interests.

The correct answer is: They must be disclosed by the seller's agent.

The statement that material facts must be disclosed by the seller's agent is indeed correct. Material facts are critical pieces of information that could influence a buyer's decision. These facts encompass any aspects that could affect the value or desirability of the property, such as structural issues, zoning restrictions, or environmental concerns. The seller's agent has a legal and ethical obligation to inform potential buyers of any known material facts to enable informed decision-making. In the context of real estate, withholding such information could lead to legal repercussions for the agent and could affect the integrity of the transaction. Transparency is crucial in maintaining trust and compliance with real estate regulations, which prioritize the protection of consumers in the buying and selling process.