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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What adjustment is necessary on closing if an electrical meter is read on the completion day, and the seller receives a final bill for $49.30 representing consumption during occupancy?

  1. A credit owed to the buyer

  2. A credit owed to the seller

  3. No adjustment necessary

  4. A credit of $23.19 to the seller

  5. A credit of $25.19 to the buyer

  6. A credit of $49.30 to the seller

The correct answer is: A credit owed to the seller

This is because the seller is responsible for paying for utilities while they are occupying the property, up until the completion day. Therefore, they are owed a credit for the final bill of $49.30, which they paid for during their time as the occupant. The other options are incorrect because a credit cannot be given to the buyer, since they are not responsible for the utility bill during the seller's occupancy. Additionally, no adjustment is necessary as the seller has already paid for the bill in full, so the amount does not need to change. Lastly, a credit of $23.19 or $25.19 would not cover the full amount of the final bill, so they are not correct answers.

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