Humber/Ontario Real Estate Course 3 Exam Practice

When must an SPIS prepared by Seller Kwong be given to prospective buyers?

1. If an SPIS is prepared and signed by Seller Kwong, it must be made available to buyers who request the statement

2. The SPIS prepared and signed by Seller Kwong must be made available to interested buyers upon request, unless the seller instructs otherwise

3. Salesperson Cooper must provide the completed SPIS to every interested buyer who requests it within two business days of that request

4. The SPIS must be given to every buyer under provincial law

5. The SPIS should be destroyed after it has been signed

6. The SPIS is optional, and it is at Kwong's discretion

The correct answer is: The SPIS prepared and signed by Seller Kwong must be made available to interested buyers upon request, unless the seller instructs otherwise

The correct answer is based on the regulations governing the Seller Property Information Statement (SPIS) in Ontario real estate transactions. When a seller, such as Kwong, prepares and signs an SPIS, that document holds significance as it provides potential buyers with crucial information regarding the property. Thus, it must be made available to interested buyers when they request it, ensuring transparency in the buying process. The emphasis on "unless the seller instructs otherwise" acknowledges that while the SPIS needs to be accessible upon request, the seller retains some control over the disclosure. If the seller chooses not to make it available, that instruction must be respected; however, default practice dictates its availability since it serves to inform buyers better and improve their purchasing decision. This answer highlights the importance of providing buyers with necessary information while recognizing the seller's right to discretion regarding the dissemination of that information.