Humber/Ontario Real Estate Course 4 Exam Practice

Which part of a purchase and sale agreement shows that signed copies of the agreement have been received?

1. Acknowledgement

2. Confirmation of Acceptance

3. Consent

4. Receipt of Agreement

5. Record of Agreement

6. Signed Receipt

The correct answer is: Confirmation of Acceptance

The correct answer highlights the significance of the "Confirmation of Acceptance" in a purchase and sale agreement. This section serves as a formal acknowledgment that all parties involved have received signed copies of the agreement. It demonstrates that the terms have been agreed upon and that all parties have visibility of their commitments, which is crucial for transparency. When parties engage in real estate transactions, the Confirmation of Acceptance is essential to ensure that everyone is on the same page regarding the contents of the agreement. This provides reassurance that the formalities of the contract have been completed appropriately. This part of the document effectively reinforces the binding nature of the agreement, as each party recognizes that they possess a copy of the signed terms. In comparison, the other options may serve different purposes related to the purchase and sale agreement but do not specifically highlight the receipt of signed copies. For instance, acknowledgments and consent typically pertain to permissions or notifications that might be part of the transactional process, but they do not specifically indicate the receipt of the signed agreement. The inclusion of other terms like "Receipt of Agreement" or "Signed Receipt" could lead to confusion since they are not standard terminology recognized in the context of confirming acceptance. Therefore, the "Confirmation of Acceptance" is the most appropriate term for this