Humber/Ontario Real Estate Course 4 Exam Practice

What element is NOT required in every agreement of purchase and sale that is accepted by both the buyer and the seller?

1. Requisition Date

2. Initials on All Pages (Except the Signature Page)

3. Spousal Consent

4. Completion Date

5. Witnesses’ Signatures

6. Selling Price

The correct answer is: Spousal Consent

In agreements of purchase and sale, spousal consent is not universally required as an element. It is primarily relevant in situations involving married individuals where the property may be considered a matrimonial asset, necessitating the consent of both spouses. However, if the buyer or seller is single or legally separated, spousal consent does not need to be included. In contrast, elements like the requisition date, initials on all pages, completion date, and selling price are standard requirements for a valid agreement. The initials serve to signify that all parties have acknowledged each page of the document, ensuring transparency and preventing disputes over the terms. The completion date establishes when the transaction is set to occur, while the selling price clearly defines the financial aspect of the agreement. Witnesses' signatures can also be a requirement in specific circumstances, particularly concerning the legal validity of the agreement. Spousal consent, therefore, stands out as a potentially optional component rather than a mandatory one in every agreement of purchase and sale. This makes it the only element listed that is not universally required across all transactions.