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.

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In the process of property conveyance, which task is typically managed by the seller's lawyer?

Making insurance arrangements for the title.
Completing the title search.
Preparing the statement of adjustments.
Drafting the deed for the buyer.
Arranging for the title deeds transfer.
Registering the property in the buyer's name.

The correct answer is: Preparing the statement of adjustments.

In the process of property conveyance, the task typically managed by the seller's lawyer is preparing the statement of adjustments. This document outlines any financial adjustments to be made between the buyer and the seller at the time of closing, such as property taxes and utilities. Option A, making insurance arrangements for the title, is usually handled by the buyer's lawyer or title insurance company. Option B, completing the title search, is often done by the buyer's lawyer to ensure clear title. Option D, drafting the deed for the buyer, is prepared by the buyer's lawyer. Option E, arranging for the title deeds transfer, is usually facilitated by the buyer's lawyer. Option F, registering the property in the buyer's name, is typically the responsibility of the buyer's lawyer after the deed has been transferred.