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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If Salesperson Jamieson holds shares in a corporation buying a property he listed, what must he do?

Disclose this interest only if the corporation is buying property, but not when selling property
Disclose his personal interest in the corporation to the seller
Not disclose his interest, as he does not have controlling interest of the corporation
Disclose only if the seller asks about shareholders involved with the corporation

The correct answer is: Disclose his personal interest in the corporation to the seller

As a real estate salesperson, it is crucial to disclose any personal interest or potential conflicts of interest in a transaction to all parties involved. In this scenario, Salesperson Jamieson holds shares in a corporation that is purchasing a property he listed. By disclosing his personal interest in the corporation to the seller, he is being transparent about his involvement, which helps to maintain trust and integrity in the transaction. This disclosure ensures that all parties are aware of any potential bias or personal gain that could influence the deal. Options A, C, and D are not the correct choices because they do not align with the ethical principles of transparency and full disclosure that real estate professionals are required to uphold. In real estate transactions, it is important to disclose any potential conflicts of interest to all parties involved to ensure a fair and transparent process.