Humber/Ontario Real Estate Course 1 Exam Practice

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Which of the following is NOT a common requirement for a valid contract in real estate transactions?

Consideration
Consent
Capacity
Proof of funds
Legality of Object
Offer and Acceptance

The correct answer is: Proof of funds

Proof of funds is NOT a common requirement for a valid contract in real estate transactions. While being able to demonstrate the availability of funds is important when making an offer or completing a purchase, it is not a formal requirement for the validity of a contract. Consideration, consent, capacity, legality of object, and offer and acceptance are all essential elements for a valid contract in real estate transactions. Consideration refers to something of value exchanged by the parties, consent involves mutual agreement without coercion or misrepresentation, capacity refers to the legal ability of the parties to enter into the contract, legality of object ensures the contract is lawful, and offer and acceptance represent the mutual agreement to the terms of the contract.