Humber/Ontario Real Estate Course 2 Exam Practice

What is the minimum deposit amount that must be collected by a registrant for any real estate transaction according to REBBA?

1. 5% of the sale price

2. Varies based on the agreement

3. 1% of the sale price

4. 2% of the sale price

The correct answer is: Varies based on the agreement

In Ontario, under the Real Estate and Business Brokers Act (REBBA), the minimum deposit amount that must be collected by a registrant for any real estate transaction can vary based on the agreement between the parties involved. It is important to note that there is no specific percentage mandated by REBBA for the minimum deposit amount, which is why the correct answer is "Varies based on the agreement." The other options provided - 5% of the sale price, 1% of the sale price, and 2% of the sale price - do not accurately reflect the minimum deposit amount requirement outlined by REBBA.