Humber/Ontario Real Estate Course 3 Exam Practice

What are you likely to find included in a spousal consent form for a real estate transaction?

1. A:Details about the financial obligations of the buyer

2. B:Consent to transfer ownership of jointly-owned property

3. C:Acknowledgment of inspection results

4. D:Signatures from both spouses for mortgage approval

5. E:Disclosure of property’s environmental status

6. F:Notification of public easements

The correct answer is: B:Consent to transfer ownership of jointly-owned property

A spousal consent form is designed to address the specific rights and interests that a spouse may hold in relation to jointly-owned property during a real estate transaction. It ensures that both spouses are aware of, and agree to, the transfer of ownership, thus preventing any future disputes or claims related to the property. Including consent to transfer ownership of jointly-owned property is paramount because it clarifies that one spouse is allowed to sell or refinance the property without the other spouse’s opposition or legal issues arising from their shared ownership. This is particularly significant in cases where property has been acquired during the marriage or is considered marital property under law. The other options, while they represent important elements in a real estate transaction, do not directly pertain to the specific purpose of a spousal consent form. They include financial obligations, inspection results, mortgage approvals, environmental disclosures, and notifications about easements, which can be found in other documentation but are not the primary focus of a spousal consent form.