Humber/Ontario Real Estate Course 4 Exam Practice

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Regarding the Seller Property Information Statement (SPIS), which statement is accurate?

The SPIS must be provided to all buyers who have viewed the property.
The REBBA Code of Ethics requires an SPIS for any real estate transaction agreements.
Salesperson Wong determines who receives a copy of the SPIS.
The existence of an SPIS must be disclosed to interested buyers unless instructed otherwise by the seller.

The correct answer is: The existence of an SPIS must be disclosed to interested buyers unless instructed otherwise by the seller.

The statement that accurately reflects the requirements surrounding the Seller Property Information Statement (SPIS) is that the existence of an SPIS must be disclosed to interested buyers unless instructed otherwise by the seller. This reflects the obligation of real estate professionals to be transparent about the availability of the SPIS, as it contains important details regarding the property's condition, history, and other critical information that can impact a buyer's decision-making. In practice, this ensures that buyers have access to relevant information, promoting informed choices in their property transactions. Additionally, the stipulation that this disclosure must occur unless the seller has specified otherwise maintains a balance between the seller's rights to privacy and the buyers' rights to information. The overarching goal is to foster trust and ensure that prospective buyers are adequately informed throughout the buying process.