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 the purpose of a trade record sheet in the context of real estate transactions?

To standardize all trade records across the province
To document every trade involving a deposit
To detail each trade a brokerage participates in
To record transactions for municipal tax purposes
To summarize buyer and seller agreements
To ensure compliance with REBBA

The correct answer is: To detail each trade a brokerage participates in

The purpose of a trade record sheet in the context of real estate transactions is to detail each trade a brokerage participates in. This document serves as a record of all the essential information related to a specific real estate transaction that a brokerage is involved in. By documenting important details such as the property address, names of the buyer and seller, purchase price, deposit amount, and any other pertinent information, the trade record sheet helps to ensure that all aspects of the transaction are accurately recorded and maintained for future reference. This level of detailed documentation is crucial for transparency, compliance, and record-keeping requirements in the real estate industry. While the other options may also be relevant in certain contexts, they do not directly align with the primary purpose of a trade record sheet as described above.