Humber/Ontario Real Estate Course 2 Exam Practice

Question: 1 / 1300

What is the primary purpose of a Seller Property Information Statement (SPIS)?

To disclose financial obligations of the buyer

To provide details of the property's condition by the seller

The primary purpose of a Seller Property Information Statement (SPIS) is to provide details of the property's condition by the seller. This document is intended to offer potential buyers information about the property from the seller's perspective, including any known issues or defects. By doing so, it aims to promote transparency in the transaction process and assist buyers in making informed decisions about the property they are considering purchasing. It is essential for buyers to have a comprehensive understanding of the property they are interested in, and the SPIS serves as a crucial tool in this regard.

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To outline the agreement terms between buyer and seller

To list recent property renovations by a certified inspector

To recommend market analysis by the agent

To ensure legal compliance during property transactions

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