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 should a brokerage do if it receives a deposit from a co-operating brokerage?

Deposit the funds within seven business days of offer acceptance
Deposit the funds within five business days of offer acceptance
Deposit the funds within seven business days of receiving the deposit
Deposit the funds within five business days of receiving the deposit

The correct answer is: Deposit the funds within five business days of receiving the deposit

A brokerage should deposit the funds within five business days of receiving the deposit in order to comply with standard industry practices and regulations. The other options are incorrect because they either have incorrect timelines for depositing the funds or do not specify when the deposit should be made but only mention offer acceptance. Additionally, the options that mention offer acceptance do not clarify if the funds should be deposited within five or seven business days of offer acceptance. Therefore, the best and most accurate option is D, which specifies both the timeline and action of depositing the funds within five business days of receiving the deposit.