Humber/Ontario Real Estate Course 2 Exam Practice

Under what condition will an adjustment be necessary if the electrical meter is read on the completion day and the seller is billed $49.30?

1. Adjustment required for listed value difference

2. Seller receives a credit for the remaining days

3. Adjustment is unnecessary

4. Buyer is credited for final days' usage

5. Credit matches final billed amount

6. Full billed amount is credited to the buyer

The correct answer is: Adjustment is unnecessary

In this scenario, an adjustment is unnecessary because the electrical meter was read on the completion day and the seller was billed $49.30. Since the meter was read on the completion day, the seller is responsible for the utilities up to that point. Any further usage beyond the completion day would fall on the buyer. Therefore, there is no need for an adjustment as the bill accurately reflects the seller's usage up to that point in time. Options A, B, D, E, and F are incorrect because they suggest different scenarios where an adjustment or credit may be necessary, but in this specific case described in the question, no adjustment is required as the billing accurately reflects the seller's responsibility for utilities up to the completion day.