Humber/Ontario Real Estate Course 2 Exam Practice

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Prepare for the Ontario Real Estate Exam with our comprehensive Humber Course 2 Exam Practice quiz. Engage with multiple choice questions and detailed explanations, designed to help you excel.

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A seller's property has an oil-fired heating system with a 195-gallon oil tank filled the day before closing. The closing date is January 11th. If 110 gallons were filled at $6.50 per gallon, what amount will be credited to the seller?

$253.71
$552.50
$715.00
$1,267.50
$860.00
$429.00

The correct answer is: $1,267.50

The correct answer is D. $1,267.50. To calculate the amount credited to the seller for the oil in the tank, you first need to determine the total cost of the oil in the tank. 110 gallons were filled at $6.50 per gallon, so the total cost is 110 gallons x $6.50/gallon = $715.00. Since the tank has a total capacity of 195 gallons and 110 gallons were filled, there were already 195 - 110 = 85 gallons in the tank from the previous fill. The total cost of all 195 gallons in the tank would be 195 gallons x $6.50/gallon = $1,267.50. Therefore, the amount credited to the seller would be $1,267.50.