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 trust account be officially named?

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

The correct answer is: Real Estate Trust Account

A real estate trust account must be officially named a "Real Estate Trust Account" because it accurately reflects the purpose and use of the account. Option A, "Trust Holding Account" may sound similar, but it does not specify that it is a real estate trust account. Option C, "Real Estate Deposit Account" and Option D, "Brokerage Deposit Account" are also incorrect because they do not include the term "trust," which is a crucial component of a real estate trust account. Option E, "Brokerage Holding Account" is also incorrect because it does not specify that it is a trust account. Option F, "Deposit Trust Account" is incorrect because the term "deposit" is misleading and does not accurately describe the account as a trust account.