Humber/Ontario Real Estate Course 4 Exam Practice

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What is required under REBBA for deposit-related disclosures?

If held in an interest-bearing account, the rate of interest must be disclosed.
If held in a variable interest-bearing account, a 3% minimum rate of interest is required.
The date the deposit was placed into a commission trust must be disclosed.
Individual remuneration paid from the commission trust must be disclosed.

The correct answer is: If held in an interest-bearing account, the rate of interest must be disclosed.

Under REBBA (Real Estate and Business Brokers Act), if a deposit is held in an interest-bearing account, the rate of interest must be disclosed. This is to ensure transparency and provide information to all parties involved in the transaction regarding how the deposit funds are being managed. Option B mentions a specific minimum rate of interest, which is not a requirement under REBBA. Option C discusses the date the deposit was placed into a commission trust, which is not directly related to deposit-related disclosures under REBBA. Option D talks about individual remuneration, which is also not a requirement for deposit-related disclosures. Therefore, the correct answer is A because it aligns with the specific requirement outlined in REBBA.