Humber/Ontario Real Estate Course 1 Exam Practice

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Which of the following terms is NOT correctly used in relation to real estate transactions?

Divestiture refers to the selling of a property.
The term 'lessor' refers to the landlord.
The term 'vendor' is frequently used to refer to the seller.
The terms 'buyer' and 'purchaser' are synonymous.

The correct answer is: The terms 'buyer' and 'purchaser' are synonymous.

Both buyer and purchaser can accurately be used to refer to a person who is purchasing a property, so these terms are not incorrectly used. Divestiture, lessor, and vendor are all correctly used in relation to real estate transactions. Divestiture refers to the selling of a property, lessor refers to the landlord, and vendor is frequently used to refer to the seller. In this case, the term 'purchaser' may be a better choice for clarity and consistency.