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 must a completion date in an agreement of purchase and sale provide?

Must be 60 days following acceptance of the agreement.
Must provide for completion no later than a specified time during that day.
Must provide for vacant possession of the property.
Can be any day except a Sunday.
Can be any week day of the month.
Requires a specific completion time on a weekend.

The correct answer is: Must provide for completion no later than a specified time during that day.

In an agreement of purchase and sale, the completion date must provide for completion no later than a specified time during that day. This is because the completion date sets the deadline for the parties to fulfill their obligations, such as transferring funds and finalizing the sale. Specifying a time helps ensure that all necessary steps are completed within the same business day. The other options are not as precise or essential as option B. For example: A. Providing a fixed number of days following acceptance does not stipulate a specific completion time. C. While vacant possession is important, it is not the same as specifying a completion time. D. Excluding Sundays does not address the need for a specific completion time. E. Selecting any weekday of the month does not ensure a specific completion time. F. Requiring a specific completion time on a weekend may not be practical or necessary.