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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How long does the listing brokerage have to deposit the $10,000 'upon acceptance' cheque for an accepted offer?

Within five business days after broker receives the funds
Within two business days after broker gets the cheque
Within three business days after offer is received
Within five business days after accepting the offer
Within four business days after proving the funds
Within seven business days after receiving cheque from cooperating broker

The correct answer is: Within five business days after accepting the offer

The correct answer to this question is D because the listing brokerage should deposit the $10,000 'upon acceptance' cheque within five business days after accepting the offer. Options A, B, C, E, and F all have incorrect time frames or conditions stated. Option A mentions the broker receiving the funds, which is not relevant to the question as it is regarding the deposit of the cheque. Option B only mentions when the broker receives the cheque, not when they deposit it. Option C states three business days after offer is received, which may not necessarily coincide with the acceptance of the offer. Option E mentions "proving" the funds instead of "receiving" them, which is not relevant. Option F only pertains to the cooperating broker, not the listing brokerage. Overall, option D has the most relevant and accurate time frame for depositing the cheque after accepting the offer.