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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Salesperson Gillette is establishing if a property's current use is its highest and best use. Which of the following is correct regarding this process?

  1. One of the questions would be whether the use conforms to the zoning.

  2. Current use is always the highest and best use of the land.

  3. Consideration of improvements’ conformity with other properties in the area is unnecessary.

  4. Existing improvements' added value to the land is irrelevant.

  5. Highest and best use determination excludes economic value assessments.

  6. Zoning regulations have no impact in determining highest and best use.

The correct answer is: One of the questions would be whether the use conforms to the zoning.

In establishing if a property's current use is its highest and best use, Salesperson Gillette would need to consider various factors, and one of these would indeed be whether the use conforms to the zoning. Zoning regulations play a crucial role in determining what type of use is allowed on a property, and this can significantly impact its highest and best use. By ensuring that the current use aligns with the zoning regulations, Salesperson Gillette can make a more accurate assessment of the property's highest and best use in line with its legal constraints and potential. Options B, C, D, E, and F are incorrect because they contain statements that do not accurately reflect the process of determining the highest and best use of a property. The highest and best use is not always the current use (B), and considering improvements' conformity with other properties in the area is necessary (C). Existing improvements can indeed add value to the land (D), economic value assessments are typically included in the determination of highest and best use (E), and zoning regulations do impact the determination of highest and best use (F).