Humber/Ontario Real Estate Course 3 Exam Practice

What can a buyer expect if they fail to deliver a deposit within stipulated REBBA guidelines?

1. Brokerage must cancel the transaction.

2. Listing brokerage must notify the seller and buyer of the tardiness.

3. Transaction may be in non-compliance but can proceed with mutual consent.

4. Both parties must renegotiate the deposit deadline.

5. Brokerages may face penalties for not adhering to deposit timelines.

6. Transaction fails due to deposit timing breach.

The correct answer is: Transaction may be in non-compliance but can proceed with mutual consent.

A buyer who fails to deliver a deposit within the stipulated guidelines set out by the Real Estate and Business Brokers Act (REBBA) can expect that while the transaction may be considered non-compliant due to the missed deposit deadline, it can still proceed if both the buyer and seller agree to continue with the transaction. This situation underscores the importance of communication and mutual consent in real estate transactions. In many cases, parties may choose to negotiate terms that could allow the transaction to proceed, even if the compliance with the deposit timeline has been breached. This flexibility means that the transaction isn’t automatically doomed by the missed deposit—the relationship and agreement between the buyer and seller can determine the next steps. The other options either imply a definitive conclusion to the transaction or place additional responsibilities that aren't inherent to this situation. The nature of real estate transactions allows for some negotiation and deliberation, highlighting the essence of cooperation among involved parties. Through this understanding, the course emphasizes the importance of open communication and collaborative problem-solving in real estate transactions.