Humber/Ontario Real Estate Course 1 Exam Practice

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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!

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Who manages the sale of a property when a business is foreclosing?

A licensed real estate brokerage.
A financial advisor.
The legal team of the business.
The bank itself or a selected real estate brokerage.
Property management firms.
Mortgage insurers.

The correct answer is: A financial advisor.

When a business is foreclosing on a property, the management of the sale typically falls under the responsibility of a financial advisor. This is because during a foreclosure, the primary focus is on financial matters, such as recovering the debt owed on the property. A financial advisor would play a key role in advising on the best course of action for the sale of the property to mitigate financial losses and facilitate the process of liquidating the asset. The other options are incorrect as they do not typically have the primary responsibility for managing the sale of a property during a foreclosure by a business.