Humber/Ontario Real Estate Course 2 Exam Practice

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Prepare for the Ontario Real Estate Course 2 Exam with our comprehensive practice tests. Study with flashcards, multiple choice questions, and detailed explanations to ensure you are ready for exam day!

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How should ABC Realty Inc., the listing brokerage, handle a deposit received from XYZ Real Estate Limited, the co-operating brokerage?

ABC Realty Inc. has five business days from the date the offer is accepted to deposit the funds in its real estate trust account.
ABC Realty Inc. has five business days, from receipt of deposit from XYZ Real Estate Limited to place those funds in its real estate trust account.
ABC Realty Inc. has seven business days from the date the offer is accepted to deposit the funds in its real estate trust account.
ABC Realty Inc. has seven business days from receipt of deposit from XYZ Real Estate Limited to place those funds in its real estate trust account.

The correct answer is: ABC Realty Inc. has five business days, from receipt of deposit from XYZ Real Estate Limited to place those funds in its real estate trust account.

In this scenario, the correct answer is B. The listing brokerage, ABC Realty Inc., is required to place the deposit received from the co-operating brokerage, XYZ Real Estate Limited, into its real estate trust account within five business days from the receipt of the deposit. This practice ensures that the funds are handled in a timely and secure manner, maintaining accountability and transparency in real estate transactions. Options A, C, and D provide timelines that are either incorrect or not in line with the regulations governing real estate trust accounts in Ontario. It's essential for real estate professionals to adhere to strict guidelines regarding the handling of deposits to protect the interests of all parties involved in the transaction.