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!

Practice this question and more.

What must the broker of record ensure concerning the real estate trust account?

Reconciliation every quarter.
A proper trust ledger for transactions.
Payments from accrued interest to the brokerage.
Only accountants handle trust funds disbursement.
Interest accrues to brokerage financial statements.
Transactions reviewed annually by external auditors.

The correct answer is: A proper trust ledger for transactions.

The correct answer is B. A proper trust ledger for transactions. In managing a real estate trust account, the broker of record must ensure that there is a proper trust ledger for transactions maintained. This ledger tracks all the inflows and outflows of funds in the trust account, providing a transparent record of all transactions. It helps in ensuring that all funds are accounted for and that there is no mismanagement or misuse of trust funds. Options A, C, D, E, and F are incorrect because they do not accurately reflect the specific responsibility of maintaining a proper trust ledger for transactions, which is essential for the transparency and accountability of the trust account in real estate transactions.