Ontario Real Estate Licensing Exam Practice · Question
Which of the following residential property types is typically exempt from HST in Ontario?
Resale residential properties that have been previously occupied by an individual as a place of residence are generally exempt from HST. This exemption applies
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Question: Which of the following residential property types is typically exempt from HST in Ontario?
Answer options:
- A newly constructed condominium unit
- A pre-construction detached home ✅ A resale detached home previously occupied by an owner
- A new builder's inventory home used as a model suite
Correct answer: A resale detached home previously occupied by an owner
Explanation: Resale residential properties that have been previously occupied by an individual as a place of residence are generally exempt from HST. This exemption applies to ensure that individuals are not taxed multiple times on the same residential property.
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- A buyer is considering a mortgage product that allows them to prepay a portion of their principal at any time
- A commercial property in Toronto is sold for $2,000,000. The vendor is an HST registrant. What is the buyer's
- What is the primary purpose of registering a deed under the Registry Act in Ontario?
- What is the primary role of a 'title search' in a residential real estate transaction in Ontario?
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