Humber/Ontario Real Estate Course 4 Exam Practice

What action must Salesperson Abhay take when entering zoning information in the 'present use' field of an agreement of purchase and sale?

1. Leave the space empty

2. Include a detailed description of the current zoning

3. Insert both the current zoning and present use

4. Ensure that the zoning information is correct

5. Verify the zoning before entering it

6. Consult with the buyer about the zoning information

The correct answer is: Insert both the current zoning and present use

In a real estate transaction, when a salesperson is entering zoning information in the 'present use' field of an agreement of purchase and sale, it is crucial to provide comprehensive details. Including both the current zoning and present use ensures that all parties involved have a clear understanding of the property's legal land use and its actual utilization. This clarity helps avoid potential disputes or misunderstandings about what can be done with the property in the future. Ensuring that this information is fully represented contributes to better communication between the buyer and the seller, aiding in informed decision-making and reducing the risk of complications later in the transaction process. The combined information provides a complete picture, which is an important aspect of due diligence in real estate transactions.