Humber/Ontario Real Estate Course 3 Exam Practice

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Prepare for the Humber/Ontario Real Estate Course 3 Exam with our comprehensive quiz. Dive into engaging practice questions that will enhance your understanding and readiness for the test. Elevate your confidence and get ready to ace your exam!

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Seller James provides a 12-year-old survey when listing his property. What can the buyer do?

Demand a new survey from the seller.
Reject the provided survey as outdated.
Elect to get a new survey done.
Acknowledge and attach the existing survey to the purchase agreement.

The correct answer is: Acknowledge and attach the existing survey to the purchase agreement.

The correct choice acknowledges that the buyer can accept the existing 12-year-old survey and incorporate it into the purchase agreement. Buyers and their agents often assess the relevance and accuracy of existing surveys. If the buyer finds that the survey, despite being older, is still relevant and contains the necessary information, they can choose to attach it to the purchase agreement. This can save time and costs associated with acquiring a new survey, provided that the buyer is confident in the information the older survey contains. While there are reasons a buyer might consider obtaining a new survey—such as significant changes to the property or the desire for more recent data—acknowledging the existing survey is a perfectly valid option that many choose to pursue. In real estate transactions, especially when the market is competitive, leveraging existing documents can be a strategic move.