Humber/Ontario Real Estate Course 3 Exam Practice

Who must fully detail the closing costs for a buyer?

1. a lawyer representing the buyer

2. a licensed home inspector

3. a mortgage broker

4. a real estate appraiser

5. a real estate salesperson

6. a tax advisor

The correct answer is: a real estate salesperson

A real estate salesperson must fully detail the closing costs for a buyer. This is because the real estate salesperson is responsible for providing accurate and transparent information to their clients regarding the various costs involved in the real estate transaction. It is essential for buyers to be well-informed about the closing costs to make sound decisions and properly budget for the purchase. Real estate salespeople play a crucial role in guiding buyers through the closing process and ensuring they understand all the associated expenses. Option A, a lawyer representing the buyer, typically handles legal aspects of the transaction but may not necessarily provide a detailed breakdown of closing costs to the buyer. Option B, a licensed home inspector, focuses on assessing the condition of the property and does not typically handle financial matters related to closing costs. Option C, a mortgage broker, assists with securing financing but may not have the responsibility of detailing all closing costs. Option D, a real estate appraiser, determines the property's value and is not usually involved in providing information on closing costs. Option F, a tax advisor, primarily deals with tax-related matters and is not specifically responsible for detailing closing costs to the buyer.