Humber/Ontario Real Estate Course 2 Exam Practice

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

Prepare for the Ontario Real Estate Exam with our comprehensive Humber Course 2 Exam Practice quiz. Engage with multiple choice questions and detailed explanations, designed to help you excel.

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.

A property listing requires a clause specifying the buyer is aware of limitations due to a municipal bylaw. Which clause is suitable?

Acknowledgement
Conditional clause
Direction/consent clause
Representation/warranty clause
Suspensive clause

The correct answer is: Acknowledgement

In this scenario, the most suitable clause to include in a property listing that requires the buyer to acknowledge limitations due to a municipal bylaw is the Acknowledgement clause. An Acknowledgement clause in a real estate transaction is used to confirm that parties are aware of specific facts or conditions. In this case, including an Acknowledgement clause ensures that the buyer recognizes and acknowledges the limitations that may be imposed by a municipal bylaw affecting the property. The other options are not the most appropriate in this situation: - Conditional clause typically sets a condition that must be met for the contract to proceed. - Direction/consent clause is used to outline how specific actions will be carried out or to seek permission for particular activities. - Representation/warranty clause involves a statement made by one party about the truth or accuracy of certain facts. - Suspensive clause is a clause where the contract is conditional on a specific event happening.