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 the amount due on completion if a buyer and seller finalize at $335,000 with $30,000 in deposits?

The seller would sign the Confirmation of Acceptance first
$305,000
The cooperating brokerage doesn't need to verify buyer's identity
Receipt of funds record isn't needed
The listing brokerage must prepare the sale agreement receipt
The entire amount needs to be adjusted

The correct answer is: $305,000

The other options are incorrect because they do not answer the question or they are unrelated to the amount due on completion in the given scenario. Option A discusses the seller's signature process, Option C talks about the cooperating brokerage's responsibilities, Option D mentions a record that is not relevant to the situation, and Option E refers to the listing brokerage's tasks. Option F is also incorrect because it is a vague statement that does not explain how the amount due should be adjusted in this specific case.