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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When drafting an agreement of purchase and sale, how should an ornate dining room chandelier in a resale home be handled?

It would legally be viewed as a chattel.
It would be taxable for purposes of an agreement of purchase and sale.
It must be included in the sale of a home.
It could be a family heirloom and be excluded by the seller.
It must be removed by the seller before closing.
It should be installed permanently.

The correct answer is: It could be a family heirloom and be excluded by the seller.

When dealing with an ornate dining room chandelier in a resale home while drafting an agreement of purchase and sale, it is important to consider if the chandelier holds sentimental value as a family heirloom. In such cases, the seller may choose to exclude the chandelier from the sale of the home. This decision would need to be clearly outlined in the agreement to avoid any confusion or disputes during the transaction process. Options A, B, C, and E do not accurately address the specific scenario of a family heirloom chandelier and how it should be handled in the agreement. Option F is also incorrect as it does not account for the seller's right to exclude the chandelier if it is considered a family heirloom.