Humber/Ontario Real Estate Course 2 Exam Practice

What is the correct order of dates in an offer plan with no conditions?

1. Offer Date, Completion Date, Irrevocable Date, Requisition Date

2. Offer Date, Irrevocable Date, Requisition Date, Completion Date

3. Offer Date, Irrevocable Date, Completion Date, Requisition Date

4. Offer Date, Requisition Date, Irrevocable Date, Completion Date

The correct answer is: Offer Date, Completion Date, Irrevocable Date, Requisition Date

In a real estate offer with no conditions, the correct order of dates is important to ensure a smooth transaction. The first date to consider is the Offer Date, which is when the offer is made by the buyer to the seller. The next important date is the Irrevocable Date, which is the date and time until which the offer is binding to the buyer. Following that is the Completion Date, which is the date when the property changes ownership officially. Lastly, the Requisition Date is when the buyer can make legal inquiries or requisitions about the property. Option A provides the correct order of dates: Offer Date, Irrevocable Date, Completion Date, Requisition Date. This sequence ensures that the offer is made, accepted, and completed in a clear and organized manner.