Humber/Ontario Real Estate Course 4 Exam Practice

Upon acceptance of an agreement of purchase and sale, which of the following procedures is correct?

1. Buyer signs the Confirmation of Acceptance for all transactions

2. Co-operating/Buyer Brokerage details must be filled for all transactions

3. The first signatory on the Acknowledgement usually signs the Confirmation of Acceptance

4. Seller always signs the Confirmation of Acceptance

5. A co-signature from both buyer and seller is needed on the Confirmation of Acceptance

6. Seller signs the Acknowledgement first before the buyer

The correct answer is: The first signatory on the Acknowledgement usually signs the Confirmation of Acceptance

The process of managing an agreement of purchase and sale involves several critical steps, particularly concerning the Confirmation of Acceptance. When an agreement is in place, the first signatory on the Acknowledgement typically does sign the Confirmation of Acceptance, reflecting their initial approval and agreement to the terms outlined in the document. This action signifies that the parties have reached consensus on the essential terms of the transaction. In real estate transactions, the Execution of documents must follow a specific procedure to ensure clarity and legitimacy. The Acknowledgement and the Confirmation of Acceptance are essential components that confirm the parties' commitment to the transaction. The first signatory often sets the tone for the process, reinforcing the importance of their role in the transaction. Other options might detail processes or procedures that are not universally applicable or may be contingent on circumstances. For instance, while buyer and seller signatures play vital roles, the first signatory's responsibility in this context is specifically noteworthy, making it the correct understanding of the procedure following acceptance of an agreement of purchase and sale.