Humber/Ontario Real Estate Course 2 Exam Practice

Which of the following regarding the agreement of purchase and sale is correct?

1. Spousal consent applies to the buyer, not the seller

2. All deposit amounts are included in Schedule A

3. Spousal consent is unnecessary

4. A spousal consent section is included in the agreement

5. No clauses need to be inserted if there's no Schedule A

6. Schedules are optional in the agreement

The correct answer is: A spousal consent section is included in the agreement

The correct answer is D. A spousal consent section is included in the agreement. In Ontario, when a buyer is married, the spouse must consent to the purchase of real estate. This is to ensure that both spouses are aware of significant financial decisions. As such, a spousal consent section is typically included in the agreement of purchase and sale to formalize this requirement. Options A, B, C, E, and F are incorrect because: A. Spousal consent usually applies to the buyer, but it is not about the buyer's consent but rather the spouse's consent to be included in the agreement. B. Deposit amounts are usually detailed in Schedule A, but not all deposits are included in Schedule A. C. Spousal consent is a crucial step when purchasing real estate in Ontario, and it is not unnecessary. E. Even if there is no Schedule A, specific clauses, such as the spousal consent clause, may still need to be inserted into the agreement. F. Schedules are typically used in the agreement of purchase and sale to provide additional details and terms to the main agreement; they are not optional but rather regularly utilized.