Humber/Ontario Real Estate Course 2 Exam Practice

Which clause in an agreement of purchase and sale ensures all modifications to the contract override preprinted wordings?

1. Consumer Reports clause.

2. Agreement in Writing clause.

3. Deposit Handling clause.

4. Property Condition clause.

5. Escrow clause.

6. Waiver clause.

The correct answer is: Agreement in Writing clause.

The correct answer is the "Agreement in Writing clause." This clause ensures that any modifications to the agreement of purchase and sale must be in writing in order to override preprinted wordings. This is crucial to prevent misunderstandings or disputes regarding changes made to the contract. The other options listed are not directly related to ensuring that modifications override preprinted wordings in the same way that the Agreement in Writing clause does: - The "Consumer Reports clause" typically pertains to obtaining consumer reports for credit checks or background checks. - The "Deposit Handling clause" relates to how deposits are handled in the transaction. - The "Property Condition clause" deals with the condition of the property being sold. - The "Escrow clause" concerns the placement of funds or documents in the hands of a neutral third party. - The "Waiver clause" involves the intentional and voluntary relinquishment of a legal right or claim.