Humber/Ontario Real Estate Course 3 Exam Practice

What is the document called that shows signed copies of the accepted agreement have been received?

1. Acknowledgement

2. Confirmation of Acceptance

3. Confirmation of Acknowledgement

4. Consent

5. Receipt of Agreement

6. Transactional Confirmation

The correct answer is: Acknowledgement

The document that indicates signed copies of the accepted agreement have been received is known as an Acknowledgement. This term is commonly used in real estate transactions to confirm that all parties involved in the agreement have recognized and accepted the terms outlined in the document. The Acknowledgement serves as proof that each party has received their copies and is aware of the agreement, facilitating the smooth progression of the transaction process. Understanding the importance of this document is crucial, as it helps prevent misunderstandings and disputes about whether the parties have formally received their agreements. Moreover, it establishes a clear timeline for the transaction, indicating that all necessary steps have been completed satisfactorily. The other options, while related to the overall transaction process, do not specifically refer to the confirmation that signed copies were received. For instance, Confirmation of Acceptance would focus more on the acceptance of terms rather than the physical receipt of the document, while Receipt of Agreement suggests acknowledgment of receipt but lacks the specificity associated with the term Acknowledgement.