Humber/Ontario Real Estate Course 3 Exam Practice

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Prepare for the Humber/Ontario Real Estate Course 3 Exam. Study with challenging questions and detailed explanations to enhance your understanding. Get ready to excel in your exam!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

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If a property being sold is currently leased, what must be disclosed to potential buyers?

Any transfers of ownership agreements
The terms of the existing lease agreements
Rent amounts received in the last five years
Potential for lease to affect selling price

The correct answer is: The terms of the existing lease agreements

When a property being sold is currently leased, it is important to disclose to potential buyers the terms of the existing lease agreements. This disclosure allows potential buyers to understand the rights and obligations associated with the current tenants and lease agreements. Providing clarity on the lease terms can help buyers make informed decisions about the purchase, such as whether they wish to continue leasing the property or terminate the existing lease agreements. Options A, C, and D are incorrect because they do not specifically address the vital information that needs to be disclosed when a property is leased. Transfers of ownership agreements, rent amounts received, and potential impact on selling price are important aspects but are not as crucial as disclosing the terms of the existing lease agreements when considering a property with tenants.