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.

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

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What is a requirement for the deposit cheque in an agreement of purchase and sale?

Requires the cheque be capable of being presented at the applicable bank for payment.
Requires the cheque be certified if a co-operating brokerage is involved in the transaction.
Specifies that the cheque must be certified.
Requires the cheque be negotiable.
Requires the cheque be backed by a certified check.
Needs a certified cheque if requested by the seller.

The correct answer is: Requires the cheque be negotiable.

In an agreement of purchase and sale, a requirement for the deposit cheque is that it must be negotiable. This means that the cheque must be capable of being cashed or deposited by the party receiving it. Having a negotiable cheque ensures that the funds are accessible and can be easily processed by the recipient. Options A, B, C, E, and F are incorrect because they add unnecessary or specific conditions to the deposit cheque requirement that are not typically mandated in standard real estate transactions. The key point to remember is that the deposit cheque needs to be negotiable, allowing the receiving party to access the funds without any issues.