Humber/Ontario Real Estate Course 2 Exam Practice

Question: 1 / 1300

What is the purpose of a trade record sheet in the context of real estate transactions?

To standardize all trade records across the province

To document every trade involving a deposit

To detail each trade a brokerage participates in

The purpose of a trade record sheet in the context of real estate transactions is to detail each trade a brokerage participates in. This document serves as a record of all the essential information related to a specific real estate transaction that a brokerage is involved in. By documenting important details such as the property address, names of the buyer and seller, purchase price, deposit amount, and any other pertinent information, the trade record sheet helps to ensure that all aspects of the transaction are accurately recorded and maintained for future reference. This level of detailed documentation is crucial for transparency, compliance, and record-keeping requirements in the real estate industry. While the other options may also be relevant in certain contexts, they do not directly align with the primary purpose of a trade record sheet as described above.

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To record transactions for municipal tax purposes

To summarize buyer and seller agreements

To ensure compliance with REBBA

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