Humber/Ontario Real Estate Course 1 Exam Practice

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Under the Ontario Real Estate and Business Brokers Act, what must be disclosed to a prospective buyer?

Any financing options available
Material facts about the property
Seller’s future plans
Potential changes in the neighborhood

The correct answer is: Material facts about the property

Under the Ontario Real Estate and Business Brokers Act, it is mandatory to disclose material facts about the property to prospective buyers. This requirement ensures that buyers are fully informed about any significant details that could affect their decision to purchase the property. Material facts can include information such as structural issues, previous damage, zoning regulations, or any other relevant details that could impact the property's value or desirability. Disclosing material facts promotes transparency and protects buyers from making uninformed decisions. Therefore, it is crucial to disclose such information to prospective buyers in accordance with the regulations outlined in the Act.