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.

Which of the following is not typically a closing cost when purchasing a resale home?

  1. Adjustments for Property Taxes

  2. Title Search and Document Fees

  3. Harmonized Sales Tax

  4. Land Transfer Tax

  5. Home Inspection Fees

  6. Legal Fees

The correct answer is: Harmonized Sales Tax

When purchasing a resale home in Ontario, Harmonized Sales Tax (HST) is not typically a closing cost. HST is not applicable to the resale of residential properties; instead, it is usually applied when buying a newly constructed home or a property undergoing substantial renovations. The correct answer is C. Options A, B, D, E, and F are typically closing costs associated with purchasing a resale home in Ontario. Adjustments for Property Taxes involve settling any outstanding property tax amounts, Title Search and Document Fees are necessary for ensuring clear title ownership, Land Transfer Tax is a fee paid to the provincial government upon transferring property ownership, Home Inspection Fees may be required to assess the property's condition, and Legal Fees cover the cost of hiring a lawyer to facilitate the purchase transaction.

More Questions Like This