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!

Practice this question and more.

Which statement about a real estate deposit is accurate?

It must be at least 10% of the purchase price.
It is usually held in trust by the brokerage.
It is non-refundable under all circumstances.
It must be paid in cash.

The correct answer is: It is usually held in trust by the brokerage.

A real estate deposit does not necessarily have to be 10% of the purchase price. In fact, it can vary depending on the agreement between the buyer and seller. Option C is also incorrect as there are some circumstances under which a real estate deposit may be refunded. Option D is also incorrect as a real estate deposit can be paid in various forms, not just cash. Option B is correct because it is a common practice for the deposit to be held in trust by the brokerage until the closing of the deal. This is to protect both the buyer and seller until the sale is finalized.