Humber/Ontario Real Estate Course 1 Exam Practice

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A contract for the sale of property:

  1. Creates a legal obligation.

  2. Creates a financial obligation.

  3. Creates an ethical obligation.

  4. Creates a written obligation.

The correct answer is: Creates a legal obligation.

A contract for the sale of property creates a legal obligation between the parties involved. When individuals enter into a contract for the sale of property, they are bound by legal requirements dictated by the terms of the contract. This legal obligation ensures that both parties are bound to fulfill their respective duties as outlined in the contract, such as the transfer of ownership and payment of the purchase price. Therefore, option A is the correct choice as it reflects the fundamental nature of contracts in real estate transactions.

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