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 can a broker of record release funds from the deposit account involved in a real estate transaction?

Upon email confirmation from the buyer’s lawyer.
Following written confirmation of sale closure from a lawyer.
After verbal confirmation from either party’s legal representation.
On the agreed completion date without any further confirmations.
When the buyer indicates satisfaction post-inspection.
Once telephonic approval is received from the executive director of the council.

The correct answer is: Following written confirmation of sale closure from a lawyer.

A broker of record can release funds from the deposit account involved in a real estate transaction following written confirmation of sale closure from a lawyer. This is the most secure and standard practice to ensure that all legal aspects of the transaction have been completed and verified by a legal professional before releasing funds. The other options lack the necessary verification and documentation processes involved in real estate transactions, making them less reliable and potentially risky.