Humber/Ontario Real Estate Course 3 Exam Practice

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Prepare for the Humber/Ontario Real Estate Course 3 Exam. Study with challenging questions and detailed explanations to enhance your understanding. Get ready to excel in your exam!

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How do the timeframes for depositing funds and providing deposits interact?

The five business days start upon receipt of the offer
24 hours for deposit, then five business days from receipt
If 24 hours are taken, only four days remain for deposit
Residential transactions follow different rules than commercial ones

The correct answer is: 24 hours for deposit, then five business days from receipt

The correct answer is B because it accurately describes how the timeframes for depositing funds and providing deposits interact in real estate transactions. According to this option, once the offer is received, there is a 24-hour timeframe for the deposit to be made. After the deposit is made, there are five business days for the funds to be received, starting from the receipt of the offer. This means that the clock for the deposit timeframe starts ticking as soon as the offer is received, not after the deposit is made. This timeline ensures a clear and structured process for handling deposits in real estate transactions. Option A is incorrect because the five business days start upon receipt of the offer, not upon the deposit. Option C is incorrect because taking 24 hours for the deposit does not reduce the timeframe available for making the deposit. Option D is incorrect because residential and commercial transactions are not addressed in relation to the timeframes for depositing funds and providing deposits in the question.