Humber/Ontario Real Estate Course 3 Exam Practice

Which procedure is correct upon acceptance of an agreement of purchase and sale?

1. The buyer signs the Confirmation of Acceptance

2. The seller signs the Confirmation of Acknowledgement first

3. The person who signs the Confirmation of Acceptance is usually the first to sign the Acknowledgement

4. Both buyer and seller must sign the Confirmation of Acceptance

5. Only the co-operating brokerage needs to sign the Confirmation of Acceptance

6. The buyer typically signs the Acknowledgement last

The correct answer is: The person who signs the Confirmation of Acceptance is usually the first to sign the Acknowledgement

The correct procedure upon acceptance of an agreement of purchase and sale is that the person who signs the Confirmation of Acceptance is usually the first to sign the Acknowledgement. This reflects the standard practice in real estate transactions where clarity and proper documentation are essential to protect the interests of all parties involved. The Confirmation of Acceptance serves as formal acknowledgment that the offer has been accepted, and the subsequent Acknowledgment further solidifies that understanding, making it clear who is responsible for the terms outlined in the agreement. While the other options touch on aspects of the process, only this specific procedure properly sequences the signing responsibilities in relation to the Confirmation documents: the party accepting the offer (usually the seller) will first sign the Confirmation of Acceptance. This assures that all parties can verify and understand the sequence of their agreements, fostering transparent communication throughout the transaction.