ONTARIO REAL ESTATE SALESPERSON PROGRAM (HUMBER
COLLEGE): COURSE 2, M 16-20 258 COMBINED TERMS
(MODULE QUIZZES INCLUDED) BY HASAN SHIBLY, ONTARIO
REAL ESTATE SALESPERSON PROGRAM: COURSE 2, MODULE
16-20 (MODULE QUIZZES INCLUDED)
When preparing the "offer plan" before drafting the offer, how information can be
obtained and verified by the Salesperson?
answers: The Salesperson can obtain information and verify using the following
sources:
- listing data sheet, including by contacting the listing Salesperson
- various source documents, such as a deed, survey
- seller's disclosure document regarding property conditions
- seller's pre-listing home inspection, if available
- online information available from the municipality
When does a "Commission Trust Agreement" is required?
answers: If there is a cooperating brokerage involved, a "Commission Trust
Agreement" is required and Salesperson from each brokerage will sign the
respective portion of the "Commission Trust Agreement". This is done after the
offer is accepted.
Is it mandatory for a Salesperson to complete a confirmation of cooperation and
representation for every offer?
answers: Yes!
,A Salesperson must complete a confirmation of cooperation and representation for
every offer based on two scenarios, such as single representation or multiple
representation.
"Future Use" clause states that the seller and buyer agree that there is no
representation or warranty of any kind that the future intended use of the property
by buyer is or will be lawful except as may be specifically provided for in this
agreement.
What is the implication of this statement?
answers: The seller will not guarantee that any intended future use will be lawful.
For example, if the agreement states that the property is a single family home with
a finished basement, there is no guarantee that this basement apartment is a legal
one.
What does "Consumer Reports" clause signifies?
answers: Consumer Reports clause signifies that the buyer may be subject to credit
and personal information check.
What the "Time and Date" clause in the agreement of purchase and sale stipulates?
answers: "Time and Date" clause stipulates that any time and date stated in the
agreement are based on the time where the property is located.
Who will sign the "Commission Trust Agreement"?
, answers: The Salespersons from the listing and cooperating brokerage will sign
the "Commission Trust Agreement". This agreement assures the cooperating
brokerage that the listing brokerage has a commission trust account and their
commission money will be deposited and protected in that account.
True or False?
An "offer plan" includes completion date.
answers: True!
This date is the date that the deal closes and the buyer takes the possession.
True or False?
The offer plan includes full legal name of the seller.
answers: True!
At minimum include a middle initial of the seller to ensure that this is the correct
person.
When two buyers are buying a property, time has come to sign the
acknowledgment. Is it possible to sign the acknowledgment by one of them
because the other buyer is not available for signing the acknowledgment?
answers: It is mandatory to sign the acknowledgment by both buyers.
, If either the seller or the buyer does not have their lawyer's information at the time
of signing the acknowledgment, can the offer still be submitted?
answers: Yes the offer can still be submitted, however, the lawyer information
must be provided to the Salesperson as soon as possible.
When the acknowledgment portion of the agreement is completed?
answers: The acknowledgment portion of the Agreement of Purchase and Sale
will be completed and signed only when the seller and the buyer have received
signed, accepted copies of the agreement.
True or False?
The initial deposit received from the buyer is identified on the first page of an
agreement of purchase and sale. Any subsequent deposit provisions are identified
on a Schedule A.
answers: Absolutely True!
When a buyer makes one or more supplemental deposits, a Salesperson need to
consider the impact on the balance due on closing.
True or False?
To pay an additional deposit by the buyer at a specified time after acceptance of
the offer, a Salesperson will need to add a clause detailing the amount of the
deposit, who it will be paid to, how and when it will be paid.
COLLEGE): COURSE 2, M 16-20 258 COMBINED TERMS
(MODULE QUIZZES INCLUDED) BY HASAN SHIBLY, ONTARIO
REAL ESTATE SALESPERSON PROGRAM: COURSE 2, MODULE
16-20 (MODULE QUIZZES INCLUDED)
When preparing the "offer plan" before drafting the offer, how information can be
obtained and verified by the Salesperson?
answers: The Salesperson can obtain information and verify using the following
sources:
- listing data sheet, including by contacting the listing Salesperson
- various source documents, such as a deed, survey
- seller's disclosure document regarding property conditions
- seller's pre-listing home inspection, if available
- online information available from the municipality
When does a "Commission Trust Agreement" is required?
answers: If there is a cooperating brokerage involved, a "Commission Trust
Agreement" is required and Salesperson from each brokerage will sign the
respective portion of the "Commission Trust Agreement". This is done after the
offer is accepted.
Is it mandatory for a Salesperson to complete a confirmation of cooperation and
representation for every offer?
answers: Yes!
,A Salesperson must complete a confirmation of cooperation and representation for
every offer based on two scenarios, such as single representation or multiple
representation.
"Future Use" clause states that the seller and buyer agree that there is no
representation or warranty of any kind that the future intended use of the property
by buyer is or will be lawful except as may be specifically provided for in this
agreement.
What is the implication of this statement?
answers: The seller will not guarantee that any intended future use will be lawful.
For example, if the agreement states that the property is a single family home with
a finished basement, there is no guarantee that this basement apartment is a legal
one.
What does "Consumer Reports" clause signifies?
answers: Consumer Reports clause signifies that the buyer may be subject to credit
and personal information check.
What the "Time and Date" clause in the agreement of purchase and sale stipulates?
answers: "Time and Date" clause stipulates that any time and date stated in the
agreement are based on the time where the property is located.
Who will sign the "Commission Trust Agreement"?
, answers: The Salespersons from the listing and cooperating brokerage will sign
the "Commission Trust Agreement". This agreement assures the cooperating
brokerage that the listing brokerage has a commission trust account and their
commission money will be deposited and protected in that account.
True or False?
An "offer plan" includes completion date.
answers: True!
This date is the date that the deal closes and the buyer takes the possession.
True or False?
The offer plan includes full legal name of the seller.
answers: True!
At minimum include a middle initial of the seller to ensure that this is the correct
person.
When two buyers are buying a property, time has come to sign the
acknowledgment. Is it possible to sign the acknowledgment by one of them
because the other buyer is not available for signing the acknowledgment?
answers: It is mandatory to sign the acknowledgment by both buyers.
, If either the seller or the buyer does not have their lawyer's information at the time
of signing the acknowledgment, can the offer still be submitted?
answers: Yes the offer can still be submitted, however, the lawyer information
must be provided to the Salesperson as soon as possible.
When the acknowledgment portion of the agreement is completed?
answers: The acknowledgment portion of the Agreement of Purchase and Sale
will be completed and signed only when the seller and the buyer have received
signed, accepted copies of the agreement.
True or False?
The initial deposit received from the buyer is identified on the first page of an
agreement of purchase and sale. Any subsequent deposit provisions are identified
on a Schedule A.
answers: Absolutely True!
When a buyer makes one or more supplemental deposits, a Salesperson need to
consider the impact on the balance due on closing.
True or False?
To pay an additional deposit by the buyer at a specified time after acceptance of
the offer, a Salesperson will need to add a clause detailing the amount of the
deposit, who it will be paid to, how and when it will be paid.
