Humber/Ontario Real Estate Course 2 Exam Practice

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Prepare for the Ontario Real Estate Course 2 Exam with our comprehensive practice tests. Study with flashcards, multiple choice questions, and detailed explanations to ensure you are ready for exam day!

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Which of the following is a correct role of a lawyer in real estate transactions?

Advising the seller before listing.
Arranging title insurance directly for the buyer.
Completing the title search and preparing the statement of adjustments for the seller.
Not involved in tax arrears and work order searches.
Offering financial services to the buyer.
Preparing purchase agreement on behalf of both parties.

The correct answer is: Advising the seller before listing.

A lawyer plays a crucial role in real estate transactions by advising the seller before listing the property. This is important because the lawyer can provide legal guidance on various aspects such as property disclosures, potential liabilities, and proper documentation. Ultimately, this advice helps ensure that the seller is aware of their rights and obligations before initiating the selling process. Options B, C, D, E, and F are incorrect because they do not accurately reflect the usual role of a lawyer in real estate transactions. Arranging title insurance, completing title searches and preparing statements of adjustments, tax arrears and work order searches, offering financial services, and preparing purchase agreements are tasks typically performed by other professionals in the real estate transaction process such as title insurance companies, title search specialists, local municipalities, financial institutions, and real estate agents respectively.