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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In the event of a dispute over a deposit in a real estate transaction, which party is responsible for resolving the conflict?

Real estate brokerage.
Arbitrator or court.
Real estate board.
Seller’s lawyer.

The correct answer is: Arbitrator or court.

In the event of a dispute over a deposit in a real estate transaction, the responsible party for resolving the conflict is an arbitrator or court. This is because disputes related to deposits often involve legal complexities that may require a formal legal process to reach a resolution. An arbitrator or court can impartially assess the situation, review any relevant contracts or agreements, and make a legally binding decision to resolve the dispute. While real estate brokerages and real estate boards may provide guidance or assistance in the resolution process, they typically do not have the authority to make a final decision on deposit disputes. Seller's lawyer may be involved in advising the seller on legal matters but may not be the primary party responsible for resolving the conflict in this context.