Humber/Ontario Real Estate Course 1 Exam Practice

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Prepare for the Humber/Ontario Real Estate Course 1 Exam with our comprehensive quiz. Test your understanding with multiple choice questions and detailed explanations. Build confidence and knowledge for a successful exam experience!

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Regarding a deposit for a rental property, which statement is TRUE?

A landlord cannot demand a security deposit for a residential rental property
Residential landlord can require a rent deposit before tenant occupancy
Residential tenants paying weekly can submit two weeks' rent as security deposit
Both commercial and residential landlords can demand security deposits

The correct answer is: Both commercial and residential landlords can demand security deposits

The correct statement is that a landlord cannot demand a security deposit for a residential rental property in Ontario. In residential tenancies, while landlords can request a rent deposit, they cannot demand a security deposit. This is an important distinction in Ontario's residential tenancy laws, which aim to protect tenants from excessive upfront costs and ensure fair treatment. Moreover, for residential properties, landlords can only require a deposit equivalent to the first month's rent rather than additional security. As for commercial properties, the rules differ, and landlords often do request security deposits based on the agreed-upon lease terms, which doesn't apply to residential properties in this context. Understanding these nuances in rental agreements is crucial for both landlords and tenants to ensure compliance with provincial regulations.