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 Broker of Record Prescott release the deposit from the real estate trust account to pay a salesperson's remuneration?

Once verbal permission is received from a lawyer following the sale closure.
Once written confirmation is obtained from a lawyer that the sale has closed.
Directly after the transaction’s completion date has passed.
Immediately after both parties sign the purchase agreement.
Upon the seller’s request for the deposit release.
Following the confirmation from the buyer that the transaction is satisfactory.

The correct answer is: Once written confirmation is obtained from a lawyer that the sale has closed.

The correct answer is B: Once written confirmation is obtained from a lawyer that the sale has closed. In Ontario, the Broker of Record can release the deposit from the real estate trust account to pay a salesperson's remuneration once written confirmation is obtained from a lawyer that the sale has closed. This confirmation indicates that all the conditions of the sale have been met, and the transaction is officially completed. It is crucial to wait for this written confirmation before releasing the deposit to ensure all legal requirements have been fulfilled. The other options are incorrect because they do not ensure that the sale has been successfully closed and all necessary conditions have been met. Verbal permission from a lawyer may not be sufficient, and releasing the deposit immediately after the transaction's completion date, upon the request of the seller, or after both parties sign the purchase agreement may not guarantee that the sale has been finalized. It is essential to wait for written confirmation from a lawyer to ensure the accuracy and legality of releasing the deposit.