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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In the case of a transaction deposit that exceeds the remuneration amount and has closed, what typically happens to the excess funds in the trust account?

The excess is typically paid to the seller.
The excess is typically paid to the buyer.
The excess must remain in the trust for six months before disbursement.
The excess is retained by the brokerage.
The excess is escrowed for future use.
The excess is sent to the provincial government.

The correct answer is: The excess is typically paid to the seller.

In the case of a transaction deposit that exceeds the remuneration amount and has closed, the excess funds are typically paid to the seller. This is because the deposit serves as security for the seller in case the buyer does not fulfill their obligations under the contract. As the transaction has closed successfully, and there are excess funds beyond what is required, the seller is entitled to receive these additional funds. This is a common practice in real estate transactions to ensure that all parties receive the appropriate funds owed to them.