Humber/Ontario Real Estate Course 2 Exam Practice

Which statement about the agreement of purchase and sale is accurate?

1. Buyers and sellers can generally disregard notice periods.

2. Dates within an agreement must always be respected.

3. Failure to close the sale is not a serious issue.

4. The process of tendering can only be undertaken by the seller.

5. The process of tendering can only be undertaken by the buyer.

6. Timeframes can be flexible as per mutual agreement.

The correct answer is: Dates within an agreement must always be respected.

Dates within an agreement must always be respected because the agreement of purchase and sale is a legally binding contract, and it is crucial for both parties to adhere to the specified timelines. Missing important dates can lead to consequences such as default, termination of the agreement, or potential legal actions. It is essential for both buyers and sellers to take these dates seriously to ensure a smooth and successful real estate transaction. Regarding the other options: A. Buyers and sellers cannot generally disregard notice periods as these are important timelines outlined in the agreement. C. Failure to close the sale is a serious issue that can result in penalties, legal actions, and financial losses for both parties. D. The process of tendering can be undertaken by either the seller or the buyer, depending on the terms negotiated in the agreement. E. The process of tendering can be undertaken by either the seller or the buyer, depending on the terms negotiated in the agreement. F. While some timeframes can be flexible based on mutual agreement, it is crucial to clearly specify these flexibilities within the agreement to avoid any misunderstandings.