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!

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Which of the following should be disclosed if funds are in a trust account?

Account balance at the end of the month.
Are funds readily available.
If funds are an interest-bearing account, then the rate of interest.
Names of all stakeholders in the trust account.
How soon funds can be drawn from the trust.
The period balance sheets were prepared.

The correct answer is: If funds are an interest-bearing account, then the rate of interest.

When funds are in a trust account, it is important to disclose whether the funds are in an interest-bearing account and, if so, the rate of interest. This information is crucial as it directly affects the potential return on the funds being held in the trust account. By providing transparency on the interest rate, stakeholders can make informed decisions and understand the financial implications of keeping their funds in the trust account. Options A, B, D, E, and F are not directly related to the disclosure of funds in a trust account. Account balance at the end of the month, the availability of funds, names of stakeholders, how soon funds can be drawn, and the period balance sheets were prepared might be important for other aspects of financial management, but they are not specifically required to be disclosed when funds are in a trust account.