Humber/Ontario Real Estate Course 4 Exam Practice

When attaching an additional schedule to the agreement of purchase and sale, which detail is necessary?

1. The cross reference should include four items: the buyer's name, the seller's name, the property address, and the closing date.

2. The cross reference should include the offer date and the offer acceptance date.

3. The cross-reference details must match those on the first page of the agreement.

4. The cross reference only requires the closing date.

5. The cross reference should not include any dates.

6. The cross reference can omit the property address.

The correct answer is: The cross-reference details must match those on the first page of the agreement.

The necessary detail when attaching an additional schedule to the agreement of purchase and sale is that the cross-reference details must match those on the first page of the agreement. This is crucial for ensuring that any added documents or schedules are clearly linked to the specific transaction they pertain to, avoiding any potential confusion in the interpretation or enforcement of the agreement. Having the cross-reference details align with those on the main agreement promotes clarity and consistency within the transaction documents. This alignment helps all parties involved to easily verify that the additional schedule corresponds to the correct agreement and its terms. It confirms that the additional information is applicable to the identified buyers, sellers, property, and conditions of the sale. Including other elements such as different names, addresses, or omitting details could lead to misunderstandings or disputes regarding the specific agreement the schedule relates to, which is why accuracy in these reference points is so paramount.