Humber/Ontario Real Estate Course 4 Exam Practice

Regarding the agreement of purchase and sale, which statement is correct?

1. Spousal consent section applies solely to the buyer

2. All funds for deposit are listed on Schedule A

3. Schedule A is optional if no extra clauses are needed

4. Spousal consent section is part of the agreement

5. Only the seller's details need to be in Schedule A

6. No need for a spousal consent if not requested

The correct answer is: Spousal consent section is part of the agreement

The statement that the spousal consent section is part of the agreement is accurate because the spousal consent is a critical component in transactions where one or both parties are married. This section ensures that the spouse of the buyer or seller, if applicable, is aware of the transaction and consents to the sale. This legal acknowledgment is often necessary to protect the rights of spouses in property matters, especially in jurisdictions that recognize rights of spouses in the ownership of property. Including this clause ensures that all parties are transparent and legally bound in the agreement, preventing potential legal disputes that might arise from claims by an unconsenting spouse. In contrast, other statements lack accuracy regarding the nature and necessity of the spousal consent or the role of Schedule A within the agreement. Understanding the role of the spousal consent section in the agreement is vital for real estate professionals to ensure compliance with legal obligations and protect their clients' interests in transactions.