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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If a salesperson receives a deposit from a buyer client on Saturday, what is the latest day to deposit this into the brokerage's real estate trust account, given no holidays follow?

The following Thursday.
The following Friday.
The following Tuesday.
The following Wednesday.
Four business days.
Five days.

The correct answer is: The following Thursday.

The correct answer is the following Thursday, as it aligns with the regulations and best practices outlining the timeframe within which trust deposits should be deposited into a brokerage's real estate trust account. According to the Real Estate and Business Brokers Act, a deposit received on a Saturday should ideally be deposited within two business days. However, since the deposit happens on a weekend, the timeline shifts to the next available business days. Starting from the Saturday deposit, the first business day is Monday. The second business day falls on Tuesday. Consequently, if a salesperson is required or encouraged to deposit the funds by the end of the business week, the latest safe deposit day would end up being Thursday. This allows for processing times and ensures compliance with regulations without violating any trust account management protocols. This rationale is consistent with maintaining a high standard of ethical practices regarding client funds and ensuring accountability in real estate transactions.