Humber/Ontario Real Estate Course 2 Exam Practice

Which of the following statements accurately describes the requirements for an amendment to an accepted agreement of purchase and sale?

1. New wording must be added, but the original words to be deleted are not needed.

2. The amendment can only be used to change the completion date, not to correct names.

3. Signatures from all parties in the original agreement must be on the amendment.

4. The amendment does not need cross-referencing to the original agreement.

5. The amendment can only be used under specific conditions authorized by REBBA.

The correct answer is: Signatures from all parties in the original agreement must be on the amendment.

In real estate transactions, an amendment to an accepted agreement of purchase and sale is a crucial document that allows for changes to be made to the original agreement. The correct statement here is that signatures from all parties in the original agreement must be on the amendment. This is because all parties involved in the original agreement need to be aware of and agree to the changes being made. Option A is incorrect because both new wording and original words to be deleted are important to ensure clarity and accuracy in the amendment. Option B is incorrect as an amendment can be used to change various aspects of the agreement, not just the completion date. Option D is incorrect as the amendment typically needs to reference the specific clauses or sections of the original agreement that are being modified to ensure clarity and avoid any misunderstandings. Option E is incorrect as amendments can generally be used for various changes within the agreement, not just those authorized by REBBA.