Humber/Ontario Real Estate Course 2 Exam Practice

What is correct about the Confirmation of Acceptance date in the agreement of purchase and sale?

1. Is always different from the acknowledgment date

2. Must be filled in by the seller

3. Needn't include the time of day if the date is written

4. Can be the same date as the acknowledgment date, but does not have to be

5. Must always include both date and time

The correct answer is: Can be the same date as the acknowledgment date, but does not have to be

In an Agreement of Purchase and Sale in Ontario, the Confirmation of Acceptance date is the date when the offer becomes firm and binding. It is the date when all conditions, if any, have been waived or fulfilled, and both parties (buyer and seller) have agreed to the terms of the offer. Option D is correct because the Confirmation of Acceptance date can be the same date as the acknowledgment date, but it does not have to be. The acknowledgment date is when the offer is received and acknowledged by the other party, while the Confirmation of Acceptance date is when the offer is accepted and becomes firm. The dates can coincide, but it is not a requirement. Options A, B, C, and E are incorrect because they do not accurately describe the nature of the Confirmation of Acceptance date in an Agreement of Purchase and Sale.