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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Do the timeframes for the brokerage to deposit funds and the buyer to provide the deposit contradict each other?

No, because 24 hours is the time required for the buyer to provide the deposit, then the brokerage has five business days from receipt of the deposit.
Yes, if the buyer takes the full 24 hours to provide the deposit, the time remaining for the brokerage to deposit the funds is four business days.
No, because in all transactions, the five business days starts upon receipt of the offer from the buyer.
Yes, but only when the deposit involves a residential property, as the 24-hour timeframe does not apply to commercial properties.

The correct answer is: Yes, if the buyer takes the full 24 hours to provide the deposit, the time remaining for the brokerage to deposit the funds is four business days.

The correct answer is B. In this scenario, if the buyer takes the full 24 hours to provide the deposit, this would reduce the time remaining for the brokerage to deposit the funds, which would then be four business days. This creates a situation where the timeframes for the brokerage to deposit funds and the buyer to provide the deposit do indeed contradict each other. Option A is incorrect because it states that the brokerage has five business days from receipt of the deposit, assuming the buyer provides the deposit within 24 hours. This does not address the contradiction in timeframes if the buyer takes the full 24 hours to provide the deposit. Option C is incorrect because it discusses the starting point of the five business days in all transactions upon receipt of the offer from the buyer, which is not relevant to the contradiction in timeframes between the buyer's deposit and the brokerage's deposit of funds. Option D is incorrect because it introduces a distinction between residential and commercial properties regarding the 24-hour timeframe for the deposit, which is not relevant to the contradiction in timeframes between the two parties.