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.

Who must sign the trade record sheet prepared for a specific trade?

The salesperson, buyer, and broker of record.
The seller, broker of record, and buyer.
The salesperson or salespersons, broker of record.
The buyer and seller.
Only the broker of record.
Both the buyer and salesperson.

The correct answer is: The salesperson or salespersons, broker of record.

In a real estate transaction, the trade record sheet is a crucial document that summarizes the details of the trade. According to provincial regulations in Ontario, the trade record sheet must be signed by the salesperson or salespersons involved in the transaction and the broker of record. This ensures that there is a clear record of the agreement and helps maintain transparency throughout the process. Option A is incorrect because it includes the buyer signing the trade record sheet, which is not a requirement in Ontario real estate transactions. Option B is also incorrect as it misses the requirement for the salesperson(s) to sign the trade record sheet. Option D is incorrect because it only includes the buyer and seller, omitting the necessary signature of the salesperson(s) and the broker of record. Option E is incorrect as it states that only the broker of record needs to sign the trade record sheet, disregarding the involvement of the salesperson(s). Option F is not the correct answer as it mentions both the buyer and salesperson, but it misses the requirement for the broker of record to sign the trade record sheet as well.