Humber/Ontario Real Estate Course 1 Exam Practice

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Which of the following transactions gives the buyer a 10-day cooling-off period?

  1. All residential real estate purchases over $750,000

  2. New construction homes

  3. Timeshares

  4. Residential resale properties

  5. Life insurance settlements

  6. Bank foreclosures

The correct answer is: Timeshares

The correct answer is related to the unique nature of timeshares in real estate transactions. In Ontario, when a buyer purchases a timeshare, they are entitled to a 10-day cooling-off period. This period allows buyers to reconsider their purchase and provides an opportunity to cancel the agreement if they change their mind. This regulation is designed to protect consumers in situations where they may feel pressured due to high-pressure sales tactics often associated with timeshare marketing. Though new construction homes and residential resale properties have their own considerations, they do not come with a mandatory cooling-off period like timeshares do. Other options, such as life insurance settlements or bank foreclosures, do not fall under the same consumer protection regulations regarding cooling-off periods in real estate transactions.

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