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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REBBA has certain rules about handling deposits. Which of these statements is accurate?

  1. A deposit from a cooperating brokerage must be delivered to the listing brokerage within five business days.

  2. All deposits must be deposited within five business days from the time the offer is presented for acceptance.

  3. Non-compliance with REBBA occurs if a cooperating brokerage delays in getting a deposit to the listing brokerage.

  4. A business day for REBBA compliance does not include Saturdays or Sundays.

The correct answer is: Non-compliance with REBBA occurs if a cooperating brokerage delays in getting a deposit to the listing brokerage.

In this scenario, option C is the correct answer. REBBA (Real Estate and Business Brokers Act) mandates that the cooperating brokerage must promptly deliver the deposit to the listing brokerage to prevent any delays in processing the transaction. Failure to adhere to this requirement would constitute non-compliance with REBBA regulations regarding deposit handling. Options A, B, and D are incorrect because they do not accurately reflect the rules outlined by REBBA regarding the handling of deposits. Option A specifies a specific timeframe of five business days for the delivery of a deposit, which is not in line with the prompt delivery requirement. Option B mentions depositing within five business days of presenting an offer for acceptance, which is not the same as delivering a deposit to the listing brokerage. Option D incorrectly states that Saturdays and Sundays are excluded as business days, which is not true according to REBBA guidelines.

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