Humber/Ontario Real Estate Course 2 Exam Practice

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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!

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A real estate buyer discovers a previously undisclosed easement just before closing. The buyer's best course of action is:

Demand immediate removal of the easement.
Proceed with the closing and address the easement afterward.
File an objection and request resolution before closing the sale.
Ask for a discount on the purchase price.
Cancel the purchase agreement immediately.
Ignore the issue and proceed with the sale.

The correct answer is: File an objection and request resolution before closing the sale.

In this scenario, the best course of action for the real estate buyer is to file an objection and request resolution before closing the sale. By doing so, the buyer can bring the easement issue to the attention of all parties involved in the transaction, including the seller and possibly legal counsel. This approach allows for transparency and gives the buyer the opportunity to negotiate a resolution or potentially walk away from the deal if the easement poses significant concerns. It is important for the buyer to address the issue before closing to avoid any potential legal or financial complications that may arise if the easement is not dealt with properly. Option A is not the best course of action because demanding immediate removal of the easement may not be feasible or practical at such a late stage in the transaction. Option B is not ideal because proceeding with the closing without addressing the easement could lead to complications and potential liabilities for the buyer in the future. Option D suggests asking for a discount on the purchase price, which may not necessarily resolve the easement issue and could leave the buyer with unresolved concerns. Option E recommends canceling the purchase agreement immediately, which may be premature if there is potential for the easement issue to be resolved satisfactorily. Option F advises ignoring the issue and proceeding with the sale, which is not recommended as it could lead to future disputes or legal issues regarding the undisclosed easement.