Humber/Ontario Real Estate Course 2 Exam Practice

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Prepare for the Humber/Ontario Real Estate Course 2 Exam with our comprehensive quiz that covers essential concepts and topics. Enhance your understanding with multiple choice questions designed to test your knowledge and boost your confidence before the exam.

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If a seller includes chattels in the sale, and they are found to have encumbrances, what is the appropriate action?

Exclude the chattels and close the sale immediately.
Refer to them in the statement of adjustments.
Send a requisition letter to the seller's lawyer.
Refuse to close the sale immediately.

The correct answer is: Send a requisition letter to the seller's lawyer.

When chattels included in a sale have encumbrances, the appropriate action would be to send a requisition letter to the seller's lawyer. A requisition letter is a formal request for information or clarification regarding the title or conditions associated with the property being sold. By sending a requisition letter to the seller's lawyer, the buyer can address the issue of encumbrances on the chattels and seek resolution or further details before proceeding with the sale. Options A, B, and D are not the appropriate actions to take in this situation. Excluding the chattels and closing the sale immediately, referring to them in the statement of adjustments, or refusing to close the sale immediately do not directly address the issue of encumbrances on the chattels. Sending a requisition letter to the seller's lawyer allows for a formal process of addressing and resolving any concerns regarding the encumbrances, ensuring a smoother transaction for both parties involved.