Humber/Ontario Real Estate Course 3 Exam Practice

How long does ABC Realty Inc. have to place a deposit in a trust account from the date the offer is accepted?

1. Three business days from the date the funds are received.

2. Five business days from the date the offer is accepted.

3. Five business days from the receipt of deposit.

4. Seven business days from the date of offer acceptance.

5. Seven business days from the date funds are received.

6. Three business days from the date the offer is accepted.

The correct answer is: Five business days from the date the offer is accepted.

The correct answer states that ABC Realty Inc. has five business days from the date the offer is accepted to place a deposit in a trust account. This timeframe is established to ensure that the deposit is handled promptly and securely, reflecting the importance of trust account regulations in real estate transactions. In real estate practices, it is critical to have timely and consistent management of deposits to protect both the buyer's and seller's interests. By mandating a five-business-day window, the regulations aim to avoid any delays that could lead to disputes or complications in the transaction process. Understanding the significance of this requirement helps real estate professionals maintain trust with their clients and adhere to legal obligations, ensuring that funds are managed in compliance with the law.