Humber/Ontario Real Estate Course 4 Exam Practice

When an offer is accepted by both parties and both buyers and sellers are clients of a single realty firm, what is necessary if the property is a matrimonial home owned by the seller?

1. Spousal consent is required if the seller's spouse is a non-owner.

2. The Confirmation of Acceptance needs only a date, not a time.

3. The Commission Trust Agreement should be completed.

4. The buyer's spouse must also provide written consent.

5. The seller should complete a Disclosure Agreement.

6. The property must be appraised to determine market value.

The correct answer is: Spousal consent is required if the seller's spouse is a non-owner.

When a property is a matrimonial home owned by one spouse, spousal consent is significant in the real estate transaction, particularly if the seller's spouse is not listed as an owner. In Ontario, under the Family Law Act, both spouses have equal rights to the matrimonial home, regardless of legal ownership. Therefore, when one spouse intends to sell or encumber the property, it is necessary to obtain the consent of the other spouse who is not the owner to ensure the validity of the transaction. This protects the rights of both partners and ensures that the transaction can proceed without future claims or disputes regarding ownership or consent. The other options involve various aspects of real estate transactions that may not be relevant or necessary in this specific context. For instance, the Confirmation of Acceptance typically requires both a date and a time for clarity and proper documentation. The Commission Trust Agreement and Disclosure Agreement, while they play roles in real estate transactions, are not specifically mandated in the context of a matrimonial home for this scenario. The requirement for the buyer's spouse to provide written consent and the necessity for an appraisal to determine market value are also not directly applicable to the stipulations surrounding a matrimonial home in this scenario.