Humber/Ontario Real Estate Course 4 Exam Practice

What is a true statement regarding the required trade record sheet in real estate?

1. It only needs preparation if brokerage receives a deposit

2. It must be standardized across the province

3. The listing brokerage always prepares it

4. It must be made for every trade by brokerage involved

5. It only needs preparation if no deposit is received

6. Not required if only one brokerage is involved

The correct answer is: It must be made for every trade by brokerage involved

The accurate statement about the required trade record sheet in real estate is that it must be made for every trade by the brokerage involved. This requirement ensures that all transactions are documented properly, which is crucial for maintaining transparency and accountability in real estate practices. The trade record sheet provides a clear overview of the details associated with each transaction, such as the parties involved, the terms of the deal, and any deposits made. Such documentation is essential not only for compliance with regulatory standards but also serves as a crucial reference for any future disputes or inquiries related to the transaction. By mandating a trade record sheet for every trade, the regulations aim to standardize the documentation process and enhance the professionalism of the industry. The other options suggest limitations or situations where a trade record sheet might not be required, which contradicts the principle of thorough documentation in real estate transactions. Ensuring that a trade record sheet is prepared for each trade reinforces the integrity of real estate practices and aids in the responsible management of client funds and agreements.