Humber/Ontario Real Estate Course 4 Exam Practice

When Seller Kwong inquires about the availability of the seller property information statement (SPIS) to buyers, what is the correct procedure?

1. If an SPIS is prepared and signed by Seller Kwong, then it must be made available to buyers who request the statement.

2. The SPIS must be given to all buyers who inquire about Kwong's property.

3. The SPIS prepared and signed by Seller Kwong must be made available to interested buyers upon request, unless the seller instructs otherwise.

4. Salesperson Cooper must provide the completed SPIS to every interested buyer who requests it within two business days of that request.

The correct answer is: The SPIS prepared and signed by Seller Kwong must be made available to interested buyers upon request, unless the seller instructs otherwise.

The correct procedure regarding the seller property information statement (SPIS) is that it must be made available to interested buyers upon request, unless the seller specifically instructs otherwise. This means that as long as Seller Kwong has completed and signed the SPIS, it should be accessible to buyers who express interest. However, the seller retains the right to limit or specify the distribution of the form, which ensures that the seller's preferences are respected in the sales process. The key aspect here is the balance between transparency and the seller’s control over their own information. If the seller has not indicated any limitations on the distribution of the SPIS, it is expected to be provided to buyers who inquire. This procedure is intended to protect the seller's interests while fulfilling the obligation to disclose relevant property information to potential buyers. Options emphasizing a requirement to distribute the SPIS to all buyers or within a specific timeframe do not accurately reflect the flexibility that the seller has in controlling how their information is shared. This flexibility is crucial in maintaining the seller’s agency and ensuring that their wishes are prioritized in the transaction process.