Humber/Ontario Real Estate Course 2 Exam Practice

What must happen when a trade record sheet is prepared for a specific trade?

1. A trade number is assigned, but it has limited relevance to overall brokerage operations.

2. A trade number is only assigned if the trade involves a deposit.

3. The salesperson or salespersons must sign the trade record sheet, along with the broker of record.

4. The salesperson or salespersons involved in that trade must sign on behalf of the brokerage and then the trade record sheet is filed.

5. The buyer must sign the trade record sheet before it is filed.

6. The seller must approve the trade record sheet.

The correct answer is: The salesperson or salespersons must sign the trade record sheet, along with the broker of record.

When a trade record sheet is prepared for a specific trade, it is crucial that the salesperson or salespersons involved in the trade sign the trade record sheet, along with the broker of record. By signing the trade record sheet, both the salesperson(s) and the broker are acknowledging and confirming the details and terms of the transaction as documented on the sheet. This signature acts as a form of verification and ensures accountability for the information contained within the trade record sheet. It also helps maintain transparency and professionalism in real estate transactions. Options A, B, D, E, and F are incorrect because they do not accurately reflect the necessary step of having the salesperson or salespersons sign the trade record sheet. While some of these options touch on different aspects of trade record sheets or transactions, the key requirement for signing by the salesperson(s) and the broker of record is fundamental in ensuring the accuracy and legitimacy of the documentation.