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 term is used to describe both a seller and a possible buyer in real estate agreements?

Purchaser
Vendee
Proprietor
Owner
Vendor
Mortgagor

The correct answer is: Vendor

In real estate agreements, the term used to describe both a seller and a possible buyer is "vendor." This term is applicable in situations where the seller is also open to purchasing another property simultaneously, leading to the dual role of seller and potential buyer. Option A, "Purchaser," specifically refers to the party who is buying the property, while option B, "Vendee," is another term to describe the buyer in a real estate transaction. Option C, "Proprietor," generally refers to the legal owner of a property. Option D, "Owner," is a broad term that can refer to the legal owner of the property but does not encompass the specific seller and potential buyer roles. Option F, "Mortgagor," is the party who borrows money and provides a mortgage on a property as security for the loan. Therefore, the correct term used to describe both a seller and a possible buyer in real estate agreements is "vendor."