Humber/Ontario Real Estate Course 1 Exam Practice

Which of the following would NOT typically be a material fact for either the seller or the buyer if listing Seller Garcia's home?

1. The lack of an electrical inspection for recently-completed work.

2. The possibility of a discharge penalty involving an existing first mortgage.

3. The seller's obligation to pay out an existing rental contract involving the furnace and/or hot water tank.

4. The total number of days that the property is listed on the local listing service.

The correct answer is: The possibility of a discharge penalty involving an existing first mortgage.

The correct choice indicates that the total number of days a property is listed on the local listing service would not typically be considered a material fact for either the seller or the buyer in the context of the sale. Material facts are essential pieces of information that could influence the decision-making of the parties involved. Information such as the lack of an electrical inspection, the seller's obligations related to rental contracts for equipment, or the potential discharge penalties related to an existing mortgage are all significant. Each of these factors directly impacts the financial and legal responsibilities of the seller during the transaction, reflecting on the safety, value, or desirability of the property. In contrast, the total number of days a property is listed may provide some insight into the market dynamics or interest in the property, but it does not inherently affect the conditions of the sale or the buyers' decisions in the same direct manner as the other options. Therefore, this piece of information would typically not warrant the same level of attention as the material facts presented in the other choices.