Humber/Ontario Real Estate Course 4 Exam Practice

Which date should be included to protect the buyer’s interest when key terms must be fulfilled?

1. The conditional date

2. The completion date

3. The title search date

4. The commencement date

5. The inspection date

6. The mortgage approval date

The correct answer is: The conditional date

The inclusion of the conditional date in a real estate transaction is crucial for protecting the buyer's interests. This date is tied to specific conditions that must be met, such as financing approval, inspection results, or other contingencies outlined in the agreement of purchase and sale. By setting a clear conditional date, both parties can establish a timeline for fulfilling these key terms, allowing the buyer to assess whether they can proceed with the transaction based on the satisfactory resolution of those conditions. In contrast, the other options serve different purposes in the real estate process. The completion date refers to when the actual transfer of ownership occurs but does not address whether the conditions were satisfactorily met beforehand. The title search date relates to checking for any issues with property ownership but does not inherently protect the buyer's interests in terms of meeting conditions. The commencement date usually refers to when a specific activity begins, which may not align with the buyer's need for assurance on contingencies. The inspection date is important but only relates to one specific condition, rather than acting as an overarching deadline. Lastly, the mortgage approval date is critical for financing but is just one of several conditions that need to be met and may not ensure overall protection for the buyer. Thus, specifying the conditional date is the