Humber/Ontario Real Estate Course 2 Exam Practice

Disable ads (and more) with a membership for a one time $2.99 payment

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.

Start Multiple Choice Practice Test
Start Flash Cards

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.

When is a condition precedent typically included in a real estate purchase agreement?

  1. When the buyer needs to secure financing

  2. When the buyer has an existing mortgage

  3. When the seller consents to post-closing assessment

  4. When the buyer exercises an option to purchase

  5. When both parties seek to avoid mortgage insurance

  6. When the property is located outside zoning restrictions

The correct answer is: When the buyer needs to secure financing

A condition precedent is typically included in a real estate purchase agreement when the buyer needs to secure financing. This condition allows the buyer to make the purchase contingent upon being able to obtain a mortgage loan. By having this condition in place, the buyer can protect themselves in case they are not able to secure the necessary financing to complete the purchase. Options B, C, D, E, and F do not typically involve the need to secure financing, which is why they are not correct in this context.

More Questions Like This