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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What is the potential impact of a stigma associated with a property?

It can negatively affect the property value for a long time.
It is better left undisclosed to potential buyers.
It only impacts the property positively.
It does not affect property sales.
It is usually temporary and insignificant.
Its impact on property value can be easily appraised.

The correct answer is: It can negatively affect the property value for a long time.

A stigma associated with a property can have a significant negative impact on its value for a long time. Stigmas can include factors such as a property being previously involved in a crime, having paranormal activity reported, or having environmental issues such as contamination. These stigmas can deter potential buyers and affect the property's desirability in the market, leading to a decrease in value. It is crucial for real estate agents to address and disclose any known stigmas associated with a property to potential buyers to maintain transparency and comply with legal obligations. Ignoring or attempting to conceal stigmas can result in legal consequences and ethical issues in real estate transactions.