Humber/Ontario Real Estate Course 2 Exam Practice

What should Salesperson Wong disclose about the seller property information statement (SPIS) completed by Seller Lam?

1. Wong decides who gets a copy of the SPIS.

2. An SPIS must be attached to all agreements for trading real estate.

3. The SPIS must be given to every buyer who views the property.

4. Existence of an SPIS must be disclosed to interested buyers unless otherwise instructed by the seller.

5. SPIS can be withheld from buyers at the salesperson's discretion.

6. SPIS need not be disclosed under any circumstance.

The correct answer is: Existence of an SPIS must be disclosed to interested buyers unless otherwise instructed by the seller.

Salesperson Wong must disclose the existence of an SPIS to interested buyers unless otherwise instructed by the seller. This is important because the SPIS can contain crucial information about the property that potential buyers need to be aware of before making a decision to purchase. By disclosing the existence of an SPIS, it ensures transparency in the real estate transaction and allows buyers to make an informed decision. Options A, B, C, E, and F are incorrect: A. Wong does not have the authority to decide who gets a copy of the SPIS. B. An SPIS is not required to be attached to all agreements for trading real estate. C. The SPIS does not need to be given to every buyer who views the property. E. SPIS cannot be withheld from buyers at the salesperson's discretion as its existence must be disclosed unless instructed otherwise by the seller. F. It is incorrect to say that the SPIS need not be disclosed under any circumstance as it is an essential document in real estate transactions.