Humber/Ontario Real Estate Course 2 Exam Practice

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What is the requirement regarding the handling of deposit cheques?

Deposit cheques must be attached to the agreement for any transaction
Deposit amounts should be at least 5% of the sale price
Deposit cheques must be current and actionable upon receipt
If a person entitled to a deposit can't be found within three years, funds should be sent to RECO

The correct answer is: Deposit cheques must be current and actionable upon receipt

The requirement regarding the handling of deposit cheques is that they must be current and actionable upon receipt. This means that the deposit cheques must be valid and able to be cashed immediately. This ensures that the funds are secure and readily available for the intended transaction. Option A is incorrect because deposit cheques are not necessarily attached to the agreement for any transaction. Option B is incorrect because there is no specific percentage requirement for deposit amounts in Ontario real estate transactions. Option D is incorrect because if a person entitled to a deposit cannot be found within three years, the funds should be sent to the Minister of Finance, not RECO.