Humber/Ontario Real Estate Course 2 Exam Practice

Which statement is accurate regarding the trade record sheet in real estate?

1. A trade record sheet must be prepared for every trade

2. Each trade record must use a province-wide standardized form

3. Only deposit-recorded trades need a trade record sheet

4. The sheet is prepared by the cooperating brokerage for both parties

5. Trade records are maintained by the Real Estate Council

6. Both brokerages involved in a trade jointly prepare the document

The correct answer is: A trade record sheet must be prepared for every trade

A trade record sheet must be prepared for every trade. This statement is accurate because in real estate transactions in Ontario, a trade record sheet must be completed for every trade that is made. This sheet provides details of the transaction such as the parties involved, property information, conditions, deposit amount, etc. It serves as a crucial document for record-keeping and compliance with regulatory requirements. The other options are incorrect: - Option B is incorrect because there is no requirement for a province-wide standardized form for trade records in Ontario. - Option C is incorrect as all trades, not just deposit-recorded trades, require a trade record sheet. - Option D is incorrect as the trade record sheet is typically prepared by the listing brokerage, not the cooperating brokerage. - Option E is incorrect as trade records are typically maintained by the individual brokerages or agents involved in the transaction, not the Real Estate Council. - Option F is incorrect as typically only the listing brokerage prepares the trade record sheet, not both brokerages jointly.