Humber/Ontario Real Estate Course 1 Exam Practice

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What is the maximum time frame for depositing a buyer's deposit on a Saturday from an offer into the brokerage's trust account?

Four business days.
Five business days.
No later than the date on the cheque.
Five days.

The correct answer is: Five business days.

The correct answer is that the maximum time frame for depositing a buyer's deposit from an offer into the brokerage's trust account is five business days. This timeframe is established to ensure that all monies received in relation to real estate transactions are handled promptly and in accordance with regulatory requirements. Delaying the deposit beyond this period could raise compliance concerns and may not align with the established practices set by regulatory bodies governing real estate transactions. This timeframe allows for weekends and holidays to be accounted for, reinforcing the importance of timely processing while recognizing the operational realities of banking arrangements and business functioning. The options that suggest shorter or different durations do not adequately reflect this established standard.