Humber/Ontario Real Estate Course 4 Exam Practice

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If a buyer provides a deposit cheque to the co-operating brokerage, how long does the listing brokerage have to deposit the funds in its real estate trust account?

  1. From when the co-operating brokerage receives the cheque, within five business days.

  2. After receiving the funds, within five business days.

  3. After receiving the offer, within five business days.

  4. After the co-operating brokerage delivers the cheque, within five business days.

  5. Upon closing the transaction, within five business days.

  6. After the offer is accepted, within five business days.

The correct answer is: After the co-operating brokerage delivers the cheque, within five business days.

In this scenario, the correct answer is D: After the co-operating brokerage delivers the cheque, within five business days. This timeline is in accordance with the rules and regulations outlined for deposit funds in real estate transactions. When a buyer provides a deposit cheque to the co-operating brokerage, the listing brokerage (where the funds will eventually be deposited) has a responsibility to ensure that the funds are deposited into the real estate trust account within a set timeframe. The critical point is when the co-operating brokerage delivers the cheque, as this initiates the timeline for the listing brokerage to follow in handling the deposit funds. The other options are incorrect: - Option A is not fully accurate as the timeline should start after the co-operating brokerage delivers the cheque, not just when they receive it. - Option B is vague in stating "after receiving the funds," as it does not specify a clear starting point for the timeline. - Option C is incorrect because the timeline should start from when the co-operating brokerage delivers the cheque, not just when the offer is received. - Option E is inaccurate as the deposit funds should be handled within five business days of the co-operating brokerage delivering the cheque, not upon closing the transaction. - Option F is incorrect

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