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 typically the first action a broker should take following the closing of a transaction?

Transfer the appropriate amounts into the brokerage's commission trust account.
Pay the listing salesperson immediately.
Notify the real estate board of the transaction completion.
Update the brokerage's internal records and client files.
Meet with the listing agent to discuss transaction details.
Schedule a post-closing review meeting with the buyer.

The correct answer is: Transfer the appropriate amounts into the brokerage's commission trust account.

Following the closing of a transaction, the first action a broker should typically take is to transfer the appropriate amounts into the brokerage's commission trust account. This is crucial to ensure that the commission funds are safeguarded and managed in accordance with regulatory requirements. It is essential for brokers to prioritize handling financial matters promptly to maintain transparency and trust within the real estate transactions. While paying the listing salesperson, updating internal records and client files, and meeting with the listing agent are all important post-closing tasks, transferring the appropriate amounts into the brokerage's commission trust account is the primary action to uphold financial integrity and compliance. The other options listed may follow once the funds have been securely handled.