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.

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

When is it necessary to file a receipt of funds record in a real estate transaction?

When the transaction involves more than $10,000.
Only if the funds received are in cash.
For every amount of funds received, subject to exceptions.
If the funds involve foreign currency.

The correct answer is: For every amount of funds received, subject to exceptions.

In real estate transactions, it is necessary to file a receipt of funds record for every amount of funds received, subject to exceptions. This record helps maintain a clear and transparent trail of the financial aspects of the transaction, ensuring accountability and compliance with regulations. While options A, B, and D have specific conditions attached to when a receipt of funds record should be filed, option C encompasses the most inclusive and accurate statement as it highlights the general rule for filing this important documentation.