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 is an essential requirement for a salesperson when receiving a deposit for a purchase offer?

  1. Ensuring the deposit is placed in a dedicated trust account immediately.

  2. Verifying the buyer's credit score before accepting the deposit.

  3. Informing the local real estate board about the deposit.

  4. Ensuring the cheque is dated no more than thirty days from the offer date.

  5. Providing a detailed receipt to the buyer and a copy to the seller.

  6. Negotiating the deposit amount with the listing agent first.

The correct answer is: Ensuring the deposit is placed in a dedicated trust account immediately.

When receiving a deposit for a purchase offer, an essential requirement for a salesperson is to ensure that the deposit is placed in a dedicated trust account immediately. This is the correct answer because it is crucial to safeguard the buyer's funds by placing them in a trust account, separate from the real estate brokerage's operating funds. This practice ensures that the funds are secure and can only be accessed according to the terms of the agreement, protecting the buyer from any mishandling of their money. Options B, C, D, E, and F are not essential requirements when receiving a deposit for a purchase offer. Verifying the buyer's credit score, informing the local real estate board, ensuring the cheque date, providing a detailed receipt, or negotiating the deposit amount are not as critical as ensuring the deposit is placed in a dedicated trust account immediately to protect the buyer's funds and adhere to regulatory requirements in real estate transactions.