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!

Practice this question and more.

Under what condition can the owner of rural land draft an agreement of purchase and sale?

If the lot does not currently exist and the owner complies with the Planning Act.
If the Planning Act is non-applicable due to lot size exemptions.
If the municipality is informed post-sale.
If the sale is contingent on receiving planning consent.
If the new property size is over six acres.
If the land is resituated after sale.

The correct answer is: If the sale is contingent on receiving planning consent.

The correct answer is D because in Ontario, if the sale of rural land is contingent on receiving planning consent, the owner can draft an agreement of purchase and sale. This means that the sale is dependent on the owner obtaining the necessary planning permissions or approvals from the relevant authorities before the transaction can be completed. This is a crucial condition to protect both parties involved in the sale, ensuring that the buyer will only proceed with the purchase if the necessary planning consents are obtained. Options A, B, C, E, and F are incorrect because they do not address the essential requirement of obtaining planning consent before completing the sale of rural land. In Ontario, it is important to follow the regulations set out in the Planning Act when dealing with rural land transactions to ensure legal compliance and transparency in the process.