Humber/Ontario Real Estate Course 1 Exam Practice

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If a buyer agrees to a property sale but discovers the property is different from what was believed, this is called?

  1. Erroneous understanding

  2. Intended misrepresentation

  3. Mutual mistake with both parties confused

  4. Negligent mistake

  5. Buyer's remorse

  6. Seller's oversight

The correct answer is: Mutual mistake with both parties confused

A mutual mistake with both parties confused is when there is an error or misunderstanding that is made by both the buyer and the seller. This is different from an erroneous understanding, which is when the buyer alone makes the mistake. Intended misrepresentation, also known as fraud, is when one party intentionally deceives the other. Negligent mistake refers to a careless error made by one party. Buyer's remorse is a feeling of regret or remorse over a purchase decision, and it is not related to the legal terms used in this question. Seller's oversight is also an incorrect option, as it suggests the seller made a mistake, but in this case, both parties are responsible for the misunderstanding.

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