Humber/Ontario Real Estate Course 3 Exam Practice

Disable ads (and more) with a membership for a one time $4.99 payment

Prepare for the Humber/Ontario Real Estate Course 3 Exam with our practice quizzes. Study using multiple-choice questions complete with hints and explanations. Ace your exam with confidence!

Practice this question and more.

What is contained in a statement of adjustments at closing?

A summary of properties previously owned by the buyer and seller.
Details of only the seller’s adjustments.
Details including credits to the seller and buyer, and the balance due at closing.
An appraisal report of the property.
The listing history of the property.
The inspection report of the property.

The correct answer is: Details including credits to the seller and buyer, and the balance due at closing.

In a statement of adjustments at closing, details are provided that include credits to both the seller and the buyer, as well as the balance due at closing. This document outlines any financial adjustments needed to ensure that both parties are appropriately compensated for expenses related to the property transfer. Options A, D, E, and F are incorrect because they are not typically included in a statement of adjustments. The focus of this document is on financial details and adjustments related to the property sale, not on historical property data, appraisal reports, listing history, or inspection reports.