Humber/Ontario Real Estate Course 2 Exam Practice

What must happen after the agreement of purchase and sale is signed by all parties?

1. Copies must be delivered to all parties immediately

2. Retention of the agreement by the listing brokerage is necessary

3. The agreement must be delivered to the broker of record

4. Copies must be delivered to all parties

5. The agreement must be submitted to the real estate board

6. Copies are optional upon request

The correct answer is: Copies must be delivered to all parties

After the agreement of purchase and sale is signed by all parties, it is essential that copies are delivered to all parties involved. This is crucial for each party to have a record of the agreement and to be aware of its terms and conditions. Delivering copies to all parties helps ensure transparency and clarity, and it is a standard practice in real estate transactions to provide each party with a copy of the signed agreement. This process helps prevent misunderstandings or disputes that may arise in the future. Options A, B, C, E, and F are incorrect because they do not adequately address the standard practice of delivering copies of the agreement to all parties involved. While retention by the listing brokerage and delivery to the broker of record may be important for record-keeping purposes, it is crucial for all parties directly involved in the transaction to receive copies of the signed agreement.