Humber/Ontario Real Estate Course 2 Exam Practice

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Prepare for the Humber/Ontario Real Estate Course 2 Exam with our comprehensive quiz that covers essential concepts and topics. Enhance your understanding with multiple choice questions designed to test your knowledge and boost your confidence before the exam.

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What action should be taken if a deposit held in trust cannot be claimed within three years?

The funds should be kept within the brokerage
The funds should be sent to RECO
The funds should be given to the court
The funds should be donated to charity

The correct answer is: The funds should be sent to RECO

If a deposit held in trust cannot be claimed within three years, the appropriate action to take is to send the funds to RECO (Real Estate Council of Ontario). This is because RECO acts as a regulatory body that oversees real estate transactions and ensures compliance with real estate laws and regulations. By sending the funds to RECO, they can manage and handle the unclaimed deposit in accordance with the governing laws and procedures set in place. It is essential to follow this process to maintain transparency, accountability, and compliance within the real estate industry. The other options are not the correct course of action in this scenario: - Keeping the funds within the brokerage could lead to potential conflicts of interest or misuse of the funds. - Giving the funds to the court may not be the appropriate step as the court may not have jurisdiction over unclaimed trust deposits. - Donating the funds to charity is not a proper way to handle unclaimed trust deposits as these funds must be managed and handled in compliance with real estate regulations and guidelines.