Humber/Ontario Real Estate Course 4 Exam Practice

When preparing an offer with a home inspection condition, which of the following is the correct sequence of key dates?

1. Offer Date, Irrevocable Date, Home Inspection Condition Date, Requisition Date, Completion Date

2. Offer Date, Irrevocable Date, Requisition Date, Home Inspection Condition Date, Completion Date

3. Offer Date, Irrevocable Date, Home Inspection Condition Date, Completion Date, Requisition Date

4. Offer Date, Irrevocable Date, Completion Date, Home Inspection Condition Date, Requisition Date

5. Home Inspection Condition Date, Offer Date, Requisition Date, Irrevocable Date, Completion Date

6. Requisition Date, Offer Date, Irrevocable Date, Home Inspection Condition Date, Completion Date

The correct answer is: Offer Date, Irrevocable Date, Home Inspection Condition Date, Requisition Date, Completion Date

When preparing an offer with a home inspection condition, the correct sequence of key dates should logically reflect the flow of events in a real estate transaction. The process begins with the offer date, which is when the buyer presents their offer to the seller. Following the offer, there is the irrevocable date, which is the deadline by which the seller must respond to the offer. Next is the home inspection condition date; this is the timeline within which the buyer must complete the inspection and present any concerns or issues discovered. Successful completion of the inspection is often a condition for finalizing the purchase. After the home inspection condition, the requisition date comes next. This date indicates when the buyer’s lawyer must submit requisitions for the title search and other pertinent information regarding the property. Finally, the completion date is when the transaction is finalized, and ownership is transferred. This sequence ensures that each date follows the logical progression of events in a typical real estate transaction, from the initial offer through to the completion of the sale. Understanding the correct order is crucial for managing timelines and fulfilling contractual obligations effectively.