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 be done if the deposit is held in an interest-bearing account?

Disclose account type to the buyer
Provide details in the agreement of purchase and sale
Disclose current rate of interest to the buyer
Provide monthly interest statements
Ensure deposit is in a non-interest bearing trust account
An annual report of interest earned

The correct answer is: Disclose current rate of interest to the buyer

If the deposit is held in an interest-bearing account, the current rate of interest must be disclosed to the buyer. This transparency is essential to keep the buyer informed about how their deposit is being managed and the potential earnings it could generate. It is a crucial step to ensure trust and accountability in the real estate transaction process. Options A, B, D, E, and F are not directly related to the specific scenario of a deposit being held in an interest-bearing account. While they may be relevant in other contexts of a real estate transaction, they do not address the immediate necessity of disclosing the current rate of interest to the buyer in this situation.