Humber/Ontario Real Estate Course 2 Exam Practice

If Seller Kwong inquires about the seller property information statement (SPIS), which condition is correct?

1. If an SPIS is signed, it must be always available to buyers

2. The SPIS must be shared with buyers unless seller instructs otherwise

3. All inquiring buyers must receive the SPIS

4. Salesperson must provide the SPIS within two business days of request

5. The SPIS can be ignored if the seller desires

6. The SPIS need not be signed by the seller at all

The correct answer is: The SPIS must be shared with buyers unless seller instructs otherwise

The correct answer is B: The SPIS must be shared with buyers unless the seller instructs otherwise. This answer is correct because in Ontario, if the seller decides to complete an SPIS (Seller Property Information Statement), they are required to share it with potential buyers unless the seller explicitly instructs otherwise. The SPIS helps provide transparency about the condition of the property and any known issues to potential buyers. It is an essential document in the real estate transaction process and is meant to protect both the seller and the buyer by providing important information about the property.