Humber/Ontario Real Estate Course 2 Exam Practice

When must a completion date in an agreement of purchase and sale be scheduled?

1. Must provide for completion no later than a specified time during that day.

2. Must provide for vacant possession of the property.

3. Can be any day except a Sunday.

4. Must be agreed upon by both parties in writing.

5. Must be 60 days following acceptance of the agreement.

6. Can be the last day of the month only.

The correct answer is: Must provide for completion no later than a specified time during that day.

In an agreement of purchase and sale, the completion date must be scheduled to provide for completion no later than a specified time during that day. This ensures that both parties have a specific deadline to work towards and helps avoid any confusion regarding the timing of the completion. It is a crucial aspect of the agreement to have a clear understanding of when the transaction will be finalized. Options B, C, E, and F are not the correct answers because they do not specifically address when the completion date must be scheduled. Option B mentions vacant possession of the property, which is related to possession rights but not specifically about the timing of completion. Option C specifies that the completion date cannot be on a Sunday, but this is not a requirement in general. Option E states a specific timeframe, which might not always be the case for the completion date. Option F restricts the completion date to be only the last day of the month, which is not a consistent rule in real estate transactions. Therefore, the correct answer is Option A, as it directly addresses the requirement for the completion date in an agreement of purchase and sale.