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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To comply with regulations, when must a salesperson deposit a buyer's deposit into the brokerage's trust account if received on a Saturday?

The following Friday.
The following Wednesday.
Four business days.
Five days.
Three days.
Next business day.

The correct answer is: The following Friday.

When a salesperson receives a buyer's deposit on a Saturday, they must deposit the funds into the brokerage's trust account the following Friday. This is because the Real Estate and Business Brokers Act (2002) requires that a deposit received on a non-business day is treated as received on the following business day. In this case, Saturday is the non-business day, and therefore, Friday would be the next business day to deposit the funds into the brokerage's trust account. This ensures that the salesperson is complying with the regulations governing the handling of client deposits in real estate transactions.