Humber/Ontario Real Estate Course 3 Exam Practice

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Prepare for the Humber/Ontario Real Estate Course 3 Exam with our practice quizzes. Study using multiple-choice questions complete with hints and explanations. Ace your exam with confidence!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

What does qualifying a buyer involve?

Assessing their financial ability.
Determining the features they want in a home.
Not needing to be done again once completed.
Only relevant for buyer clients, not customers.

The correct answer is: Assessing their financial ability.

Qualifying a buyer involves assessing their financial ability, which includes evaluating their creditworthiness, debt-to-income ratio, down payment availability, and pre-approval status. This step is crucial in real estate transactions to ensure that the buyer is capable of purchasing a property and securing financing. Understanding the buyer's financial situation helps the real estate agent match them with suitable properties within their budget and avoid wasting time on properties they cannot afford. Therefore, option A is the correct choice. The other options are incorrect because determining the features a buyer wants in a home is part of the property search process, qualifying a buyer may need to be conducted multiple times as their financial situation can change, and qualifying buyers is relevant for both buyer clients and customers in real estate transactions.