Humber/Ontario Real Estate Course 2 Exam Practice

What does an acknowledgement clause in a real estate agreement often involve?

1. Is typically used to protect the buyer.

2. Is typically used to protect the seller.

3. Relates to a seller’s warranties about chattels.

4. Involves the buyer's waiving inspection rights.

5. States that the property is sold "as-is".

6. Requires the seller to disclose all property defects.

The correct answer is: Is typically used to protect the seller.

An acknowledgment clause in a real estate agreement is typically used to protect the seller. This clause acknowledges that the seller has disclosed all material information about the property to the buyer. By including this clause, the seller is ensuring that they have fulfilled their obligation to provide accurate and complete information about the property, therefore protecting themselves from potential legal issues in the future.