Humber/Ontario Real Estate Course 3 Exam Practice

What should Salesperson Rinaldo include in the offer regarding rental items?

1. The hot water tank and water softener are included in the sale

2. The cost of rental items should not be mentioned

3. Rental items should be excluded from the offer altogether

4. The description of the rental items should include the provider and cost, and Rinaldo should check to ensure these rentals are assumable

5. Chattels included in the sale must be returned after purchase

6. The dining room fixture can only be excluded if the seller removed the item prior to the buyer's showing

The correct answer is: The description of the rental items should include the provider and cost, and Rinaldo should check to ensure these rentals are assumable

Including a description of the rental items in the offer is essential to provide clarity and ensure transparency in the transaction. By detailing the provider and cost of the rental items, everyone involved in the real estate transaction—namely the buyer, seller, and any agents—will have a clear understanding of what is being offered and the associated responsibilities. Furthermore, addressing whether the rental items are assumable is crucial. Some rental agreements allow the buyer to take over payments, which could influence the buyer's decision and potential offer. Providing this information upfront helps to mitigate disputes or misunderstandings later in the transaction process. It reflects professionalism and thoroughness on Rinaldo's part, ensuring the buyer is fully informed about all aspects of the property being purchased.