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 salesperson deposit a buyer’s cheque into the real estate trust account?

Immediately upon receiving the cheque, regardless of offer acceptance.
Only after the offer has been accepted and all parties have signed the agreement.
After the home inspection has been completed by the buyer.
Once the buyer has secured financing from their bank.
Upon receiving written confirmation from the listing agent.
Once the buyer and seller have finalized all negotiations.

The correct answer is: Only after the offer has been accepted and all parties have signed the agreement.

A salesperson can deposit a buyer's cheque into the real estate trust account only after the offer has been accepted and all parties have signed the agreement. This is the appropriate time to deposit the cheque because at this point, there is a legally binding contract in place between the buyer and seller. Depositing the cheque before offer acceptance or before all parties have signed the agreement could lead to complications if the deal falls through or if there are disputes over the deposit. It is important to follow proper procedures and ensure that all necessary steps in the transaction process have been completed before depositing any funds.