Humber/Ontario Real Estate Course 4 Exam Practice

What is the most critical factor to investigate when listing a property built before 1980?

1. The number of previous owners.

2. Availability of building permits for renovations.

3. Presence of hazardous materials such as lead paint or asbestos.

4. Proximity to schools and amenities.

5. Market trends and comparable sales.

6. The architectural style and historical significance.

The correct answer is: Presence of hazardous materials such as lead paint or asbestos.

Investigating the presence of hazardous materials such as lead paint or asbestos is essential when listing a property built before 1980 because many homes constructed during that time period may contain these materials due to the building practices and regulations in place at the time. These hazardous materials can pose serious health risks, particularly to children and vulnerable populations, leading to regulatory scrutiny and potential liabilities for property owners. Buyers need to be fully informed about any risks associated with hazardous materials, as this information can significantly affect the property's marketability and value. Ensuring compliance with safety regulations related to hazardous materials is a critical part of the listing and selling process, making it paramount for potential sellers to have this information readily available. Other factors, while important, do not carry the same level of urgency or health implications as the presence of hazardous materials. For example, the number of previous owners, availability of permits, or architectural style can provide useful context but do not directly impact buyer safety and health to the same extent.