Humber/Ontario Real Estate Course 2 Exam Practice

Which of the following is NOT required in every agreement of purchase and sale accepted by both buyer and seller?

1. Completion date.

2. Initials on all pages (except the signature page).

3. Requisition date.

4. Spousal consent.

The correct answer is: Requisition date.

In every agreement of purchase and sale accepted by both the buyer and seller, there are several key elements that are typically included to ensure clarity and legal validity. One of the elements that is not required in every agreement of purchase and sale is the "Requisition date." The completion date is an essential component as it specifies when the transaction will close and possession will be transferred. Initials on all pages (except the signature page) help to confirm that all parties have reviewed and agreed to the terms on every page of the agreement. Spousal consent may be necessary depending on the legal requirements or circumstances of the transaction. However, the requisition date is not a standard requirement in every agreement of purchase and sale. The requisition date specifically pertains to the deadline by which a party must provide information or raise objections regarding the property, which is more common in the context of condominium purchases and new construction transactions.