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.

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Which statement about the 'Future Use' provision in an agreement of purchase and sale is correct?

Future use information should be included under 'Present Use'.
Details on future use should be placed in the 'Future Use' section.
Current zoning details must be placed in the 'Future Use'.
Future use doesn't need to be referenced if present use is noted.

The correct answer is: Current zoning details must be placed in the 'Future Use'.

In an agreement of purchase and sale, the 'Future Use' provision is where details about how the buyer intends to use the property in the future should be specified. It is important to distinguish between the current use of the property and any potential future uses that the buyer may have in mind. Therefore, the current zoning details, which relate to how the property can currently be used according to local regulations, should be included in the 'Future Use' section of the agreement. This separation helps provide clarity and avoid confusion between the current state of the property and any potential changes in use that the buyer may wish to implement.