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 must a real estate brokerage's trust account be called?

Deposit Trust Account
Real Estate Deposit Account
Real Estate Trust Account
Brokerage Deposit Account
Brokerage Trust Account
Trust Holding Account

The correct answer is: Real Estate Trust Account

A real estate brokerage's trust account must be called a "Real Estate Trust Account" because it accurately reflects the purpose and nature of the account. This specific naming convention is used to ensure clarity and transparency in managing clients' funds and differentiating them from other types of accounts held by the brokerage. It serves as a reminder that the funds in this account belong to clients and must be held in trust according to the regulations and guidelines governing real estate transactions in Ontario. Options A, B, D, E, and F do not accurately and specifically describe the purpose of the account or align with the industry standards for naming a trust account in the real estate sector in Ontario.