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!

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What additional responsibility does an owner have when their home is designated as a heritage property?

Additional costs for complying with heritage requirements
Fire insurance premiums are reduced upon renewal
The heritage status need not be disclosed in the listing agreement
The home remains a heritage property only while it is owned by the current owner

The correct answer is: Additional costs for complying with heritage requirements

When a home is designated as a heritage property, the owner typically has an additional responsibility of incurring extra costs to comply with heritage requirements. Heritage properties are often subject to specific rules and regulations to ensure their preservation and historical significance, which can sometimes involve costly maintenance, repairs, and renovations. These additional expenses are necessary to maintain the heritage value of the property and comply with heritage preservation guidelines. Therefore, option A is the correct choice in this case. Options B, C, and D are incorrect because fire insurance premiums being reduced, not disclosing the heritage status in the listing agreement, and the home's heritage status depending on the current owner are generally not common or required responsibilities associated with owning a designated heritage property.