Humber/Ontario Real Estate Course 2 Exam Practice

Disable ads (and more) with a membership for a one time $2.99 payment

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.

Which date sequence is incorrect when drafting a purchase agreement with a two-week financing condition?

Irrevocable date of May 4th.
Removal of condition date of May 18th.
Offer date of May 3rd.
Requisition date of May 10th.
Completion date of May 24th.
Inspection date of May 6th.

The correct answer is: Requisition date of May 10th.

When drafting a purchase agreement with a two-week financing condition, it is crucial to sequence the dates correctly to ensure a smooth transaction process. The correct sequence should follow a specific timeline to allow for various steps such as inspection, financing, and completion. In this scenario, the incorrect date sequence is having the requisition date of May 10th. The requisition date in real estate transactions typically occurs early in the process, allowing the buyer to review and address any concerns about the property's title, zoning, or other legal matters. Placing the requisition date after the removal of the financing condition and before the completion date disrupts the logical flow of the timeline. Therefore, having the requisition date after the removal of the financing condition is not ideal and would not provide enough time for the buyer to address any issues that may arise from the title search or other legal considerations. It is essential to have the requisition date earlier in the process to ensure a comprehensive review of all legal aspects of the property before proceeding with the purchase.