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.

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When calculating the balance due on closing with multiple deposits, how are deposits treated?

The total of all deposits are deducted from the purchase price.
Only the initial deposit is deducted from the purchase price.
Deposits are not considered when calculating balance due.
Only certain types of deposits impact the balance due.
All deposits must be made prior to calculation.
Deposits can only be deducted if agreed in writing.

The correct answer is: The total of all deposits are deducted from the purchase price.

When calculating the balance due on closing with multiple deposits, all deposits made throughout the transaction are typically totaled up and then deducted from the purchase price. This deduction ensures that the final amount to be paid at closing accurately reflects the actual amount due from the buyer after considering all the deposits they have made towards the property purchase. This practice helps in ensuring transparency and clarity in financial transactions related to real estate deals.