Humber/Ontario Real Estate Course 3 Exam Practice

Which of the following is not a requirement in every agreement of purchase and sale accepted by both buyer and seller?

1. Requisition Date.

2. Initials on All Pages Except the Signature Page.

3. Spousal Consent.

4. Date of Completion.

5. Purchase Price.

6. Signatures of Parties Involved.

The correct answer is: Spousal Consent.

In every agreement of purchase and sale accepted by both buyer and seller, certain elements are essential for the contract to be valid and enforceable. Spousal consent is not a universal requirement across all transactions, as its necessity typically depends on the specific circumstances surrounding the parties involved and their marital status. While spousal consent may be important in certain situations, such as when one party is married and the property is considered a joint asset, it is not a mandatory component in every agreement of purchase and sale. In contrast, elements like the requisition date, initials on all pages except the signature page, date of completion, purchase price, and signatures of the parties involved are fundamental components of the agreement that ensure clarity, legality, and mutual understanding between the buyer and seller. These elements help establish the terms of the sale and protect the rights of all parties involved, thus making their inclusion critical in every agreement.