Humber/Ontario Real Estate Course 4 Exam Practice

Disable ads (and more) with a membership for a one time $2.99 payment

Prepare for the Humber/Ontario Real Estate Course 4 Exam. Study with tailored quizzes and flashcards. Get insights into exam format and tips to succeed.

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!

Practice this question and more.

What is required when selling a listed property with a known structural issue?

Must disclose the known structural issue to potential buyers.
Need not disclose the issue unless asked by the buyer.
Can ignore the issue if a recent inspection report indicates no problems.
May conceal the issue if the seller advises to do so.
Should request a waiver from the buyer regarding the known issue.
Require a second opinion to validate the defect.

The correct answer is: Must disclose the known structural issue to potential buyers.

The requirement to disclose a known structural issue to potential buyers stems from a seller's obligation to provide accurate and truthful information about the property. Transparency in real estate transactions is crucial in establishing trust and ensuring that buyers make informed decisions. If a seller is aware of a structural issue, failing to disclose this information can lead to legal repercussions, including potential lawsuits for misrepresentation or non-disclosure. This obligation extends beyond just being asked about the issue; it is part of the seller's duty to disclose any facts that might affect the buyer's decision-making process. Buyers rely on sellers to provide them with complete and honest information about the property's condition. Therefore, being forthcoming about any structural problems is necessary to uphold ethical standards in real estate practice and comply with legal requirements.