Humber/Ontario Real Estate Course 3 Exam Practice

What role does a lawyer play in assisting consumers with the buying and selling of real estate?

1. Gathers quotes for renovations.

2. Handles property listings on behalf of clients.

3. Inspects properties for buyers or sellers.

4. Is bound by the REBBA Code of Ethics.

5. Only communicates with the buyer or seller client, not directly with the real estate salesperson.

6. Reviews agreements with the buyer/seller and completes the processes for closing.

The correct answer is: Handles property listings on behalf of clients.

The role of a lawyer in real estate transactions primarily focuses on legal aspects rather than on property listings or direct sales activities. A lawyer's involvement includes reviewing agreements, ensuring that contracts are valid, and completing the legal processes for closing a transaction. This involves interpreting the terms of contracts, advising clients on legal obligations, and addressing any potential issues that may arise during the buying or selling process. In the context of real estate, lawyers ensure compliance with the law and protect their clients' interests, which is critical in both purchasing and selling properties. While real estate agents may handle property listings, lawyers bring a legal perspective to ensure that everything is conducted properly from a legal standpoint. The other roles listed, such as gathering quotes for renovations, inspecting properties, and direct communication with real estate salespeople, fall outside the primary responsibilities of a legal practitioner in the context of real estate transactions. The role of a lawyer is specifically geared towards legal documentation and facilitating a smooth transaction from a legal perspective, making the focus on reviewing agreements and managing closing processes the most accurate response.