Humber/Ontario Real Estate Course 2 Exam Practice

Why is it important for a buyer to be informed about conservation authority regulations on a property?

1. The conservation authority controls building permits

2. No requirement for disclosure exists

3. Only agents should handle permit applications

4. Conservation regulations don't impact residential builds

5. Buyers should file all permits in advance

6. Sellers should manage these disclosures

The correct answer is: The conservation authority controls building permits

It is important for a buyer to be informed about conservation authority regulations on a property because the conservation authority controls building permits. This means that the conservation authority has the authority to regulate and approve any construction or development on a property that may impact natural resources, such as waterways, wetlands, or forests. Buyers need to be aware of these regulations to ensure that any planned construction or renovations comply with the regulations set forth by the conservation authority, and to avoid any potential legal issues or delays in the future. The other options are incorrect because: - Option B stating "no requirement for disclosure exists" is wrong, as it is necessary for buyers to be aware of conservation authority regulations to make informed decisions. - Option C suggesting that "only agents should handle permit applications" is misleading, as buyers should also have an understanding of the regulations. - Option D stating that "conservation regulations don't impact residential builds" is incorrect, as conservation regulations can indeed have an impact on residential builds, depending on the location and specific regulations. - Option E stating that "buyers should file all permits in advance" is not accurate, as the permits need to comply with conservation authority regulations, which buyers need to be informed about. - Option F stating that "sellers should manage these disclosures" is incorrect, as it is the responsibility of the buyer to be informed about conservation authority regulations.