Humber/Ontario Real Estate Course 4 Exam Practice

What elements must be included in the description of real property when drafting a purchase agreement?

1. Both physical address and legal description

2. Detailed measurements in metric units

3. Legal and mailing address

4. Address, frontage details, city, lot size, and legal description

5. Only the physical address

6. Survey map and east-west orientation

The correct answer is: Address, frontage details, city, lot size, and legal description

The inclusion of the address, frontage details, city, lot size, and legal description in a purchase agreement is essential for accurately describing the real property involved in the transaction. The physical address helps identify the location of the property, while the legal description provides a precise and formal description used in legal contexts, ensuring there is no ambiguity about which parcel of land is being sold. Additionally, frontage details are important as they quantify the amount of street or road access a property has, which can impact its value and usability. The city is relevant for legal jurisdiction and provides context regarding local regulations and amenities. Lastly, the inclusion of lot size gives potential buyers an idea of the property’s dimensions, which is crucial for assessing value and potential use. This comprehensive approach ensures that all necessary details are clearly outlined, reducing the risk of misunderstandings or legal issues arising from vague or incomplete descriptions. Other options may provide some information, but they do not encompass all the critical elements required for a complete and effective property description in a purchase agreement.