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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What is required when an offer deposit is placed in a real estate brokerage’s trust account?

A receipt of funds record only.
Deposit in the brokerage’s trust account by the next business day.
No receipt of funds record required for trust deposits.
A receipt of funds and individual identification record are needed.

The correct answer is: A receipt of funds and individual identification record are needed.

The correct answer highlights that both a receipt of funds and an individual identification record are necessary when an offer deposit is placed in a real estate brokerage's trust account. Having a receipt of funds ensures there is a clear record of the deposit, indicating the amount and source of funds, which is essential for transparency and record-keeping in real estate transactions. Additionally, an individual identification record helps verify the identity of the person making the deposit, ensuring compliance with Anti-Money Laundering (AML) regulations and protecting the integrity of the transaction. This dual requirement of documentation not only helps safeguard the interests of all parties involved but also fulfills legal and regulatory obligations that real estate brokerages must adhere to. Ensuring proper documentation is vital in maintaining trust in the brokerage system and protecting clients' interests.