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 required if an equivalent summary document is used instead of retaining an unaccepted offer?

The document must include the offer's monetary amount only.
The document must include brokerage names, date/time of the offer, and legal description of the property.
The document must include signatures from both the buyer and the seller.
The document must be notarized by a legal professional.
The document must be digitally recorded.
The document must be approved by the local real estate board.

The correct answer is: The document must include brokerage names, date/time of the offer, and legal description of the property.

If an equivalent summary document is used instead of retaining an unaccepted offer, it is required that the document includes key information such as the brokerage names, date/time of the offer, and the legal description of the property. This information is crucial for maintaining transparency and ensuring that all relevant details of the offer are accurately documented. In contrast, the other options are not necessary requirements when utilizing an equivalent summary document in place of retaining the unaccepted offer.