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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For how long must accepted offers be kept by a brokerage?

  1. Both accepted and unsuccessful offers for six years

  2. Summary documents for six years

  3. Accepted offers for six years

  4. Sellers' brokerages for three years

  5. All documentation for three years

  6. Buyers' brokerages for three years

The correct answer is: Accepted offers for six years

Accepted offers must be kept by a brokerage for six years. This is important as accepted offers are crucial documents in real estate transactions as they outline the terms and conditions agreed upon by both the buyer and the seller. Keeping these documents for six years ensures that there is a record of the agreement in case any issues or disputes arise in the future. The other options are incorrect because they do not specify the correct duration for retaining accepted offers by the brokerage.

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