Humber/Ontario Real Estate Course 4 Exam Practice

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Which statement accurately describes trade record sheets?

Harmonized sales tax is not included in the descriptive details as real estate remuneration is tax-exempt.
Trade numbers on trade record sheets are assigned consecutively.
The terms 'transaction file' and 'trade record sheet' are synonymous.
This form meets the FINTRAC receipt of funds requirement as deposit details must be included.

The correct answer is: Trade numbers on trade record sheets are assigned consecutively.

The statement indicating that trade numbers on trade record sheets are assigned consecutively is correct because the systematic assignment of trade numbers allows for better organization and tracking of real estate transactions. This practice ensures that each transaction is distinctly identified, reducing the potential for confusion and aiding in record-keeping and auditing processes. Consecutive numbering helps maintain a clear chronological order, which is vital for maintaining the integrity and traceability of real estate transactions. While some statements deal with regulatory aspects and terminologies, they do not accurately reflect how trade record sheets operate in practice, especially with regard to numerical organization. The focus on consecutive numbering emphasizes procedural consistency and supports compliance with industry standards.