Humber/Ontario Real Estate Course 2 Exam Practice

What is correct regarding a seller disclosure statement provided by the seller?

1. Must be completed as it is a mandatory form for listing properties

2. Must be provided to the buyer only if requested

3. Includes information about known issues with the building, improvements, mechanical systems, etc.

4. Is acceptable only if the seller uses the Seller Property Information Statement (SPIS)

5. Is mandatory and cannot be opted out of by the seller

6. Must be notarized to be valid

The correct answer is: Includes information about known issues with the building, improvements, mechanical systems, etc.

The correct answer is that the seller disclosure statement includes information about known issues with the building, improvements, mechanical systems, etc. This statement is crucial for the buyer to have a clear understanding of the condition of the property they are interested in purchasing. It helps to provide transparency between the seller and the buyer and can help prevent any future disputes or misunderstandings regarding the property's condition. Options A, B, D, E, and F are incorrect: A. The seller disclosure statement is not always mandatory for listing properties, and its completion depends on the rules and regulations in the specific jurisdiction. B. The seller disclosure statement should be provided by the seller to the buyer proactively, not just upon request. D. The Seller Property Information Statement (SPIS) is one type of seller disclosure statement but is not the only acceptable form. E. The seller disclosure statement is typically mandatory, but there may be some exceptions depending on the jurisdiction or specific circumstances. F. Seller disclosure statements do not usually need to be notarized to be valid; however, the information provided should be accurate and complete to the best of the seller's knowledge.