Humber/Ontario Real Estate Course 2 Exam Practice

What is the maximum time period for placing funds in the real estate trust account if the buyer's offer is accepted on Friday?

1. Five days from the date the offer was drafted.

2. Five days from the date of the counter offer.

3. The following Monday.

4. The following Friday.

5. The second day after acceptance.

6. The next business day.

The correct answer is: The following Friday.

When a buyer's offer is accepted on a Friday, the maximum time period for placing funds in the real estate trust account is the following Friday. In Ontario, trust funds must be deposited into the account by the end of the next business day following the day they were received. Since the offer was accepted on Friday, the following Friday would be the correct answer to ensure compliance with the regulations regarding trust fund deposits. The other options are not correct because they do not align with the requirement of depositing funds into the real estate trust account by the end of the next business day after they were received.