Humber/Ontario Real Estate Course 4 Exam Practice

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What must a document include to terminate an agreement and return the deposit?

Notice of waiver
Notice of repair completion
Notice of termination and mutual release
Notice of satisfaction
Notice of rescission
Notice of condition waiver

The correct answer is: Notice of termination and mutual release

In order to terminate an agreement and return the deposit, a document must include a notice of termination and mutual release. This document serves as formal notification to both parties that the agreement is being terminated and outlines the terms and conditions under which the deposit will be returned. It is important to have a clear agreement on how the termination will occur in order to protect both buyer and seller involved in the transaction. Options A, B, D, E, and F are not correct because they do not encompass the necessary components required to officially terminate an agreement and return the deposit.