Humber/Ontario Real Estate Course 2 Exam Practice

Question: 1 / 1300

What information is typically included in a Seller Property Information Statement (SPIS)?

Details concerning the seller's financial position.

Information regarding significant defects or issues with the property.

The correct answer is B: Information regarding significant defects or issues with the property.

The Seller Property Information Statement (SPIS) commonly includes disclosures about any known significant defects or issues with the property that could affect its value or desirability. This document serves to provide transparency to potential buyers about the condition of the property and reduce the risk of future disputes. It is important for sellers to disclose any material defects to avoid potential legal issues after the sale is completed.

Options A, C, and D are incorrect because the SPIS typically does not include details concerning the seller's financial position, the market value assessment conducted by the seller, or the seller's negotiation bottom line. These are unrelated to the property's condition and are not typically disclosed in an SPIS.

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The market value assessment conducted by the seller.

The seller's negotiation bottom line.

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