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!

Practice this question and more.

When is it necessary to file a receipt of funds record in a real estate transaction?

When the transaction involves more than $10,000.
Only if the funds received are in cash.
For every amount of funds received, subject to exceptions.
If the funds involve foreign currency.

The correct answer is: For every amount of funds received, subject to exceptions.

In real estate transactions, it is necessary to file a receipt of funds record for every amount of funds received, subject to exceptions. This record helps maintain a clear and transparent trail of the financial aspects of the transaction, ensuring accountability and compliance with regulations. While options A, B, and D have specific conditions attached to when a receipt of funds record should be filed, option C encompasses the most inclusive and accurate statement as it highlights the general rule for filing this important documentation.