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 statement is accurate regarding trade record sheets?

Harmonized sales tax is not included in the descriptive details in the trade record sheet, as real estate remuneration is exempt from this tax.
The terms transaction file and trade record sheet can be viewed as synonymous.
Trade numbers on trade record sheets are consecutively assigned.
This form, when completed, meets the FINTRAC receipt of funds requirement as deposit details must be inserted on the form.

The correct answer is: Trade numbers on trade record sheets are consecutively assigned.

The statement that is accurate regarding trade record sheets is that trade numbers on trade record sheets are consecutively assigned. This process helps in easily identifying and organizing the various trades that are being recorded. Option A is incorrect because the Harmonized Sales Tax (HST) is typically included in the financial details on the trade record sheet as it is a relevant tax on real estate transactions. Option B is incorrect because while both a transaction file and a trade record sheet contain important details about a real estate transaction, they serve different purposes and are not synonymous terms. Option D is incorrect because while completing a trade record sheet is an important aspect of record-keeping in real estate transactions, it is not sufficient to meet the FINTRAC receipt of funds requirement. There are additional obligations and documentation required by FINTRAC to comply with anti-money laundering regulations.